During the height of the market, many people purchased investment properties that they could no longer afford.  As a consequence, if the mortgage is not paid, the lender will initiate foreclosure proceedings.  There are options available that will allow you to keep both your homestead and your investment property and save money in the process.  For example, if your investment property in underwater, you are delinquent on the mortgage and you owe the lender $150,000 but the appraised/fair market value of the property  $80,000 you can “cram down” the mortgage payment and pay the lender back $80,000 + 5.25% interest over a 5 year period, keep the property and potentially wipe out the $70,000 to the lender.

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