What happens when I stop paying the mortgage payment on multiple properties? I do not have a choice at this time. I have a number of rentals and my cash flow is very good but I overextended myself, and my cash reserves are too tight. I've already stopped cash bleeding in all areas of my business over the past 45 days and I am freezing all improvement projects and released some existing staff. So the question is what happens when I stop paying the mortgage payment for 60 to 90 days? I will be in a much better financial position if I choose to do this after the 60to 90 day period. I'm aware this will hurt my credit for a long time and I am willing to live with that. I would prefer to do this, then sell the property since all my properties are cash flowing well.
Will I
-just be able to resume normal payments after the 60 to 90 day period?
-will I be able to keep my interest rates?
-Will they make me pay the backpay amount?
-is there any possibility of getting a six month forbearance?
-be able to keep my existing interest interest rate they are quite good?
Note:
-the properties are located in California, Nevada, Arizona, and Connecticut
-the properties are all financed under conventional loans
-most of the loans are purchased as rentals, two are purchased as primaries.
