Just like the home you live in, if you own an investment property you need to pay the mortgage on time every month. Your lender is not going to be anymore forgiving just because you are not living in the home. If your find that your investment property is in danger of foreclosure you need to think long and hard about what you are going to do next. Of course, you don?t want to think too long because it is important to move forward before things get too far out of control.
It goes without saying that it is better to lose your investment property to foreclosure than your primary residence. That being said, this will not make your current situation any easier to deal with. You need to talk with your lender right away. Hiding is not going to do you any good. Instead, get an idea of where you stand, how far behind you are, and what the lender plans on doing. There is a very good chance that you will be able to work something out if you are open to your lender?s ideas.
An investment property is meant to make you money. If foreclosure is on the horizon something is wrong somewhere. It is your responsibility to pay your mortgage on time. If you feel that foreclosure is only a matter of time you need to communicate with your lender to see if you can save your investment property. You should do whatever you can to avoid foreclosure. Not only would this mean losing your investment, but it would also ruin your credit.