I have 2 properties. I stupidly allowed a property manager to contol the monies available for the rehab and payments to carry the note while the work is done. This person claimed he invested the money and it is no longer available. He has promised to give the money back but to this point has not. Because I can not afford the mortgage payments, I will have to let the properties go if he doesn’t come through soon.
My question is what options do I have?
I have searched for buyers but no one wants to buy the properties without the rehab money.
I have not located anyone that will take-over the notes and purchase the houses for the repair costs.
How does a deed in lieu of foreclosure work?
Is bankruptcy a viable option? My credit was excellent.