Where do I start? Primary Res or rentals?

[eporter727]

I have a primary with a 1st and 2nd, three rentals with first and 2nds - all upside down and all neg cash flow. I can almost afford the primary if I didn't have the negative rents and vice versa. Love my home and would like to keep it - would happily give up all the rentals to keep it. But like many of you I have taken a 50% cut in pay in the past two years due to companies closing, etc. My husband is retired and has returned to work full time to put food on the table but this is a short term help, not a long term solution. Even with his income we are sinking fast. Would I be better servied to approach the lenders on my home first? Then tackle the rest? I'm not late on anything yet but out of savings and somethings got to give this month. Any advice on this subject would be helpful.

[CaliforniaDreamin]

You need to start by finding out who the investors are on your loans. That will dictate what your options are. I will tell you that I have a primary residence and a rental property, both with 1st and 2nd mortgages. I contacted my 1st mortgage holder (Citimortgage on both houses) yesterday. They service loans that are both owned by Freddie Mac. I was pretty much told to get rid of my rental, even though it is well underwater.
They pretty much said that most of the actions taking place right now are to save primary residences, and there isn't a whole lot of sympathy out there for investment property owners. Good luck!