I am in the hole on 3 properties

Posted In: Mortgage
I have 2 homes in California and one in Nevada that are rentals. We tried to sell these homes last year before moving from calif to nevada,but they did'nt sell. We then rented them for half the rent and for the past year have paid the difference. The new business we bought in nevada is doing poorly, so we have gone through all our savings and have gotten in over $100,000 into debt trying to be honourable and protect our good credit. Now there is no other place to turn. We're trying to do short sales, but nothing seems to be moving. The one in Nevada we bought for our daughter who has been responsible with all payments.This mortgage just adjusted and she can no longer afford the payments, we can't refinance nor can they buy it because they have no money for a down payment and there are no 100% loans out there anymore. Two of the homes are with countrywide. I can't even imagine what 3 short sales or if they would accept a deed in lieu will do to our credit. Also we do have some land that is free and clear, but those proceeds really belong to my sister, not us. Can they take this land away from us? We are thinking of putting it into an LLC to protect it because like I said even though it's in our names, it's not really ours. We are devastated, after working so hard for so long and always being responsible to be in this mess. Can you shed any light on this situation? We don't know what else to do. Thank you. Marilyn