I have two investment properties,?

I have two investment properties, i cant pay the five mortgages i have now i dont know if i should declare bk or let them go into foreclosure(and by that i mean im giving the keys to the bank)advice(i will be getting an attorney just looking for additional information)

Foreclosure or Bankruptcy is a REALLY BAD IDEA. It's gonna hurt your credit. Talk to your banks and consider a voluntary surrender of property. It won't hurt your credit, but you lose your equity.

Another option is to sell the property for what you owe left on it. You'll be at a zero-sum gain or lose whatever money you put into it, but it's better than screwing up your credit for 8 years or more.

First I would go to the first mortgage holder and tell them the situation. Ask them to reduce the interest rate by 2%.

I am assuming that you have been trying to sell them. Keep them on the market, try to sell them for whatever you can. Let the bank know that you are having problems making the payments and see if they offer any assistance-since now they are losing so much to foreclosures they may drop your interest rate or make special arrangements. Or, like you said just call them up and tell them please come and take tehm from me-here are teh keys please take the house and relieve me from the payments.

If you are selling you can give the bank a heads up about the possibility of the properties selling for less than their value (if that is the case) in hopes that they will grant a short sale.

All of the options you will face have negative credit effects. I would keep that appointment with your attorney for further advise.

Talk to your lender before you decide to give up your houses because the lender wants you to not give up the house and go into forclosure or give it to the bank. The reason for that is because it would mean that the lender would lose even more money and put out money to sell your houses. If you talk to your lender and explain your situation then the lender may lower your monthly payments for awhile or even stop your monthly payments for a couple of months.

Are the properties rented now? Have you considered re-marketing the properties for a different/higher use where you would receive more income from a different tenant?

An example would be a lease option to purchase tenant may pay a little bit more if they get a credit towards a purchase price.