Hello and thanks for sharing your looooong story!! lol
Actually that is great that your provided so much information on your situation. Now we can get a clear picture of what is going on.
OK, let me see if I can help guide you or open your eyes to some avenues or roads you may have not thought of.
It is obvious that you are finally "starting" to come to grips with the "reality" of your situation and what you need to do. What you need to really do is except this with no shame or remorse because based on what you laid out here and everything you have done over the years, you were very responsible.
This is now about surviving, eating and paying the real bills that need to be paid. You are just figuring out what you will pay and what will go into default and that is what you need to do. You may want to make a list of exactly what you need, such as one house, one car, this Credit card or nothing at all and then make a plan to systematically default on each one so it has the least impact on your life.
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| Shall I stop making payments for Property A so as to get the bank to allow me doing a Short Sale? What happens with my credit there? |
You could and that is your judgment call. Your credit can drop 100-300 points. Quote:
| Shall I stop making payments for Property B so I can get the back to start some type of Readjustment process? |
Again, your call there. But most likely you will not get help until you are late. You fit the classic consumer role of "PROTECT MY CREDIT AT ALL COSTS' and they reps are trained to use that against you. Meaning they can pull up your profile and they will see that you are a typical A borrower and you will do anything to keep your scores high. So, that means most likely, no loan modification when you apply.
Quote:
| Shall I go for Refinance or for Loan Modification? |
Personally, I would go for a loan modification and use your rental income and the negative cash flow as your hardship. Maybe tell them sternly that you are walking away if you don't get this mortgage modified.
Quote:
| Everytime I call Bank of America, whoever I speak to gives me different answers and I just need a clear and sound answer and a path. I'm totally overwhelmed over this. |
Take a deep breathe and try to remain calm. You can only do so much and you are only one person. B of A can be a nightmare to deal with and so are most lenders because they are soooo busy. The good news is that you have time. Lots of time to work on this and you seem like a total go getter. A woman who gets things done. Get that woman back and tell her to not let her circumstances affect who she is. You will get through this and action with knowledge plus some hope will help you make it through this! Quote:
| My husband is not helping much. We are on our way to get separated/divorced. |
That sucks and I see it all the time. It is tough to go through this and not have support. I think you both are confused and scared. Mad at each other, when really the best thing would be to come together and support one another through this tough time. Love is needed when we are down or we just feel more down and helpless. Maybe you need to go out on a date with the old guy you knew and kiss him until you find the spark you used to have. Try it Your answers will come and it will not happen over night. You will be at peace when you find a plan to exit this misery and a plan to start a new improved debt free life. I know because I went through this in 2002 with a divorce, for closure etc. It took 2 years of tough times and the only thing that really helped was action and empowering myself to learn new skills to pay the bills. But I am so glad I went though it and now understand that credit and debt suck!!! I rent, lease or pay cash in my life. What doesn't kill us will only make us stronger. No pain, no gain!! You will be such a better person and woman when you get through this. I promise!!!
Please let me know if you have any more questions and I truly wish you the best!!