Stuck in Bad Loans - How do I get out of the cycle?

I have 6 rental properties that I bought with 20% down on all of them but I am stuck in bad adjustable loans. I tried to Refi but the bank say the houses all lost value and I would have to bring another 20% to the table at closing. The mortgage holders say they will not work with me on the loans till I am 30 past due. How do I resolve this?Stuck in Bad Loans - How do I get out of the cycle?
Talk to the mortgage holders again and ask for a loan modification program ........ lowering your interest rate, paying interest only, a longer term. I am concerned that they want you to be late before discussing your options.The point would be to keep your payments timely, you won't ruin your credit and the mortgage holders will be receiving some kind of payment. Hopefully you have been making timely payments and you do have 20% iinvestment in these properties, which should make you a good candidate for a loan modification. In this market, lenders are already overwhelmed with trying to dispose of foreclosure properties and should be open to working out an alternative.Stuck in Bad Loans - How do I get out of the cycle?
There isn't much you can do. The bank holds all the cards and seems as though they don't want to play with you unless you ante up 20%.





What do you want to do with these properties? Sell? Keep renting them? It would seem refinancing is out of the question at this point.
Get five For Sale signs. You're going to lose them anyway, you might as well keep control of how you dispose of them.





Then, here's the lesson for you: Never buy investment property on credit.


It's no different than buying stock on margin.