facing foreclosure in California, where to turn for advice?

[Dennis Nikolaev]

it looks like a hopless situation for me.

I had all of my life savings put in Yucca Vally short term rentals In  early 2022. got 4 nice villas at 20% equity. then 2 things happened: rates went up and demand for vacation rentals in that location went WAY down. 

I was loosing 20 to 15k per month. I sold 2 of the 4 properties at a significant loss. However, 2 remaining properties I can't sell, even bellow my equity in it. For example the number 4 property is a hilltop modern beauty. amazing views, premium neighborhood.  I paid $1'025'000 for it, then upgraded it. in summer of 2022 it was appraised for $1.15 million. 

now it is listed for $799k and there are no takers.

I am facing a foreclosure on both of the remaining properties. 

I'm still current on my payments but by now all the hope is lost.

all of my life savings are gone, and now I'm about to have collectors on my back for the rest of my life.

I need an advice how to navigate through giving up on the properties.

Dennis

[Minna Reid]

Bankruptcy is a good solution when you have massive debts, but if it's just the properties that are behind, a short sale is generally a better solution, especially if you can settle the debt through the short sale (which is the result 99% of the time). 

You also have to qualify for Chp 7, you don't just get one.

It's also a myth that property "goes back" to the lender in bk. There is no such thing. The lender still has to foreclose on the property after the bk to get title, so now you're looking at not only a bankruptcy, but a foreclosure after. If the only debt problem is the mortgages, attempting a short sale would be the easiest way out of this, with the fastest recovery time. OP should find a very experienced short sale agent locally and have a conversation.