Am I stuck holding these bad investments….

[Aways2go]

As I have read and continue to read through many of these posts, I have yet to find one similar enough to mine that would provide me with enough information that would assist me in making a decision. I currently own 3 properties including my primary residence. The rentals are located Las Vegas and California. I have owned them since early 2006 have received combined negative rents of about $1300/mth. I have no doubt been throwing good money after bad and now that the properties values are far below the mortgage amounts, I like so many, have began to wonder if I should continue down this road. I have been told that I should ask for modifications, but I am a bit confused as to whether or not this is possible since these are investment properties, also I have been told by my job that as of June, I will be laid off. What about foreclosure, and what are the implications of such action, besides a negative credit rating? Also I have and currently am dealing with tenants that don’t pay consistently, I have had to deal with evictions and as of today, I am losing another tenant due to non-payment. By the way all properties are fixed for 30 years with countrywide. Thanks a bunch for your time.

[Dan Bailey]

Aways,

Your investement properties will not be able to receive help from non-profit agencies or the new plan from obama. This does not preclude you from trying to obtain modifications on them on your own.
The decision to modify is up to the investors behind the loans depending on different criteria. There is no "standard" you would have to start the process with each loan. Simply search the Forums with each subject, and you will find "stickys" with the answers to your questions at the top of each forum thread.
You can find info about the implications of forecloseure, waliking away, short sales and deeds in lieu on the forum .