Loan Modification Forum - LoanSafe.org - View Single Post - 2 properties and stuck without an option? Do I qualify?

QuayzyCrazy · 07-03-2009, 12:49 PM

Thanks for your responses again...

What I get is that I need to stop paying to Wachovia for the rental Property A (putting on the side those $800), and just continue paying my primary residence loan on Property B while I can. If everything is logical, Wachovia will try to enquire what's going on after about 90 days, and perhaps by then we will start having some type of negotiations on what to do to not foreclose. At that moment I will start suggesting a short-sale if possible. They will try to make some very silly offers and I need to stand steady until the accept to give me the green light from the short sale or perhaps a loan modification. I hope this is what you meant....

Will it be a good practice if let's say today I call Wachovia to warn them that I'm not going to be able to pay due to some financial hardship? Or is better to send them a certified letter with an explanation, so as to have a precedent of my good intentions? Honestly, deep down, I would love to keep the rental property if the loan and the HOA fees are fully paid with the income from the rental, perhaps by having a better rate or other more reasonable option than just throwing away money like I am, but if not, it just doesn't make sense.

This leaves me with the need to take care of the $21000 Line of Credit against the rental property, debt that I have with BofA. Do I stop paying that as well? I'm not sure you implied that. It really doesn't sound like I should not pay that debt, but it's just that I have to pay about $300 a month... money that I don't really have...

What about property's A Homeowners Associatoin fees? I'm in Miami and what I have heard from neighbors around me is that I should continue paying those HOA fees because that's a different pool of lawyers than the bank's, and after 30 days late, they will send me practically to the wolfes, who may, of course, try to foreclose on my property if not paying. For obvious reasons I prefer to not have to deal with additional problems than the ones I already have but those are $1000 that I could find some good use under the circumstances.

In the mean time, I need to be doing everything possible to survive and continue paying on time on my primary residence while the situation allows. Once I had sort the property A sorted out, and depending on the circumstances, I will need to apply for a MHA Refinance program.on Property B. The part that I really don't like at all is that my credit is going to be destroyed from the late payments on property A. I read that one needed to have a decent rating for a refinance possibility. That's were I get that I may be missing a lot more than what I'm inferring from your words....

Please be so kind to clarify...

07-03-2009, 12:49 PM	#10 (permalink)
QuayzyCrazy Senior Member Join Date: Jul 2009 Location: Miami Posts: 121 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2 properties and stuck without an option? Do I qualify? Thanks for your responses again... What I get is that I need to stop paying to Wachovia for the rental Property A (putting on the side those $800), and just continue paying my primary residence loan on Property B while I can. If everything is logical, Wachovia will try to enquire what's going on after about 90 days, and perhaps by then we will start having some type of negotiations on what to do to not foreclose. At that moment I will start suggesting a short-sale if possible. They will try to make some very silly offers and I need to stand steady until the accept to give me the green light from the short sale or perhaps a loan modification. I hope this is what you meant.... Will it be a good practice if let's say today I call Wachovia to warn them that I'm not going to be able to pay due to some financial hardship? Or is better to send them a certified letter with an explanation, so as to have a precedent of my good intentions? Honestly, deep down, I would love to keep the rental property if the loan and the HOA fees are fully paid with the income from the rental, perhaps by having a better rate or other more reasonable option than just throwing away money like I am, but if not, it just doesn't make sense. This leaves me with the need to take care of the $21000 Line of Credit against the rental property, debt that I have with BofA. Do I stop paying that as well? I'm not sure you implied that. It really doesn't sound like I should not pay that debt, but it's just that I have to pay about $300 a month... money that I don't really have... What about property's A Homeowners Associatoin fees? I'm in Miami and what I have heard from neighbors around me is that I should continue paying those HOA fees because that's a different pool of lawyers than the bank's, and after 30 days late, they will send me practically to the wolfes, who may, of course, try to foreclose on my property if not paying. For obvious reasons I prefer to not have to deal with additional problems than the ones I already have but those are $1000 that I could find some good use under the circumstances. In the mean time, I need to be doing everything possible to survive and continue paying on time on my primary residence while the situation allows. Once I had sort the property A sorted out, and depending on the circumstances, I will need to apply for a MHA Refinance program.on Property B. The part that I really don't like at all is that my credit is going to be destroyed from the late payments on property A. I read that one needed to have a decent rating for a refinance possibility. That's were I get that I may be missing a lot more than what I'm inferring from your words.... Please be so kind to clarify...