Loans, Debt & Credit - View Single Post - GREETING FROM VEGAS - GROUND ZERO FOR DISTRESSED PROPERTY

vegasunderwater · 09-18-2009, 04:33 PM

I thought I would've gotten an email notifying of pending replies, but didn't get it. Good thing I check in periodically.

Haven't started down the mod path yet. The reason being: Need to re-position some assets as best as possible so as to avoid the "enemy" getting their greedy little hands on anything if they succeed in getting a deficiency judgement down the road - just in case. Even though most lenders I hear aren't pursuing them, doesn't mean they don't have the right to if they so choose, so why leave yourself open?

Once I'm ready, I am not sure whether to try contacting the lenders directly - or to retain an attorney to handle it. There are pros and cons to both. Obviously, for most, it becomes a cost issue, and when you're ALREADY TOO FAR IN THE HOLE ON THESE DOGS as it is, does it really make sense to throw more good money after bad using a lawyer especially when he can guarantee you NOTHING? I got a quote from one @ about $2500 per property x 7 properties = $17,500. That's still a bundle no matter how you slice it. Perhaps if I split up the workload and let him handle the tough lenders and I handle the "easy" ones? 4 of the properties them have one underlying lender/investor which is Silver State Mortgage who are a bunch of crooks! If there are any violations and predatory lending issues, I would point the stick at them! They were all sold off 3-4 times to different servicing cos. (Saxon, CitiMortage, GMAC, Litton) who are also idiots.

Countrywide is now BofA and the HELOC from CW/BofA went to another lowlife servicer called CCO Mortgage.

The big problem white elephant property has its loan with America's Servicing Co. which is the servicer for Wells Fargo Bank. That one's the most likely to fall into short sale, deed in lieu, or foreclosure because the property is just a bad investment for years to come and there is no resale market, but I'll still try to mod if they cut their rate 80%.

All the other lenders will need to cut their payments by 60% in order for it to make sense to hold, otherwise will be forced to short sell or DIL.

Suggestions???

Moe - tell me what happened w/ the CW mod. Was that on rental property also?

09-18-2009, 04:33 PM	#4 (permalink)
vegasunderwater Senior Member Join Date: Aug 2009 Posts: 40 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GREETING FROM VEGAS - GROUND ZERO FOR DISTRESSED PROPERTY - lots to share & questions! I thought I would've gotten an email notifying of pending replies, but didn't get it. Good thing I check in periodically. Haven't started down the mod path yet. The reason being: Need to re-position some assets as best as possible so as to avoid the "enemy" getting their greedy little hands on anything if they succeed in getting a deficiency judgement down the road - just in case. Even though most lenders I hear aren't pursuing them, doesn't mean they don't have the right to if they so choose, so why leave yourself open? Once I'm ready, I am not sure whether to try contacting the lenders directly - or to retain an attorney to handle it. There are pros and cons to both. Obviously, for most, it becomes a cost issue, and when you're ALREADY TOO FAR IN THE HOLE ON THESE DOGS as it is, does it really make sense to throw more good money after bad using a lawyer especially when he can guarantee you NOTHING? I got a quote from one @ about $2500 per property x 7 properties = $17,500. That's still a bundle no matter how you slice it. Perhaps if I split up the workload and let him handle the tough lenders and I handle the "easy" ones? 4 of the properties them have one underlying lender/investor which is Silver State Mortgage who are a bunch of crooks! If there are any violations and predatory lending issues, I would point the stick at them! They were all sold off 3-4 times to different servicing cos. (Saxon, CitiMortage, GMAC, Litton) who are also idiots. Countrywide is now BofA and the HELOC from CW/BofA went to another lowlife servicer called CCO Mortgage. The big problem white elephant property has its loan with America's Servicing Co. which is the servicer for Wells Fargo Bank. That one's the most likely to fall into short sale, deed in lieu, or foreclosure because the property is just a bad investment for years to come and there is no resale market, but I'll still try to mod if they cut their rate 80%. All the other lenders will need to cut their payments by 60% in order for it to make sense to hold, otherwise will be forced to short sell or DIL. Suggestions??? Moe - tell me what happened w/ the CW mod. Was that on rental property also? Last edited by vegasunderwater; 09-18-2009 at 04:37 PM..