Debt Reduction Help

You don’t have many options left. But my first inclination would be to save the business and let the house go. Which is what we did. No choice. We’re out of money too, all IRA depleted, were 56 & 60 so retirement isn’t in the cards in the near future. What you might consider is writing a hardship letter to your lender on the 2nd property to see if they will do a loan modification. If not, ask for deed in lieu of foreclosure. Either way you will take a hit on your credit. But so will thousands of us and within a couple of years the banks will be begging us to apply for loans because they have no more GREAT creditworthy folks. I’m would guess that you’ve talked with a financial planner or at least an adviser? If not, you might try that. Most of the programs really are geared towards homeowners losing their Primary. You may find that some couldn’t careless that your business is almost bust and your second home is upside down in the loan. If your lender won’t work with you on the second property, let them have it back.