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I am at a loss what to do here
I have one principle residence and 2 rental properties. All are ARM with high interest rates (9%) but I'm paying "minimum" payments below PRIME and loosing principle each month. The rent does not cover the payments on the rental units. The loans are more than the houses are worth so I can't sell them and cover what is owed to the Bank. My LTV ratio will eventually force to ARM's into fixed rates that I won't be able to pay. Principle Mortgage $1M Rental 1 Mortgage $800K Rental 2 Mortgage $$900K I make ~$250K / year Salary and another $120K / year rental income. Not sure if I should file Chapter 13 or let one of the rentals go into foreclosure or try to negotiate with the banks lower interest rates. Any advice would be most appreciated.
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