What do you think or suggest?

[cary_bouldin]

Have tried to modify a rental property twice, denied both times although no real good explanation and nothing in writing ever, read alot here so we understand why.

Received a call from a gal in India?, asking to submit financials, first time for this, and a hardship letter again due to the AG suit in Oregon, there is a negotiator assigned and gave us her number and ext., this is for my friend so I do not have number or or name at the moment.

AG knows, unless they are just like the rest of the Government, there are two properties and CW should know that also, I certainly have told them enough times by now yet they never even know where to send the monthly statement (blah blah, same story everyone else gets).

It probably means nothing but does anyone have a clue/opinion if this is a good thing or just chasing a tail.

I know most of you only have the one home so this is not a fair question to you. I appologize for that, this home was first home and is now a rental, hopefully to help a bit after he is disabled, coming soon to a residence near you. (Sorry, just a little levity here)


Any advice or insight is much appreciated.

[FLgata]

Are you sure the call came from CW? I would be very careful because there are a lot of scammers out there. I get voicemails all of the time from people who are interested in helping me with my ARM. I highly doubt that they would work with you on a rental property, but CW is so disorganized, maybe they think it is your primary residence. It's hard to say.

[cary_bouldin]

That was my very first question when I heard the voicemail. I plan to follow up on it on Monday, we wont send anything in until sure it is CW, reverse phone look up or something too.

I find it hard to believe they would help on a rental too, I know the last gal I asked about it said he still had to qualify and that they were not including rentals. However, that was 10 days ago.

[cary_bouldin]

Just an update, apparently the call was real, and online it also says that loan is back in work out; however, I called the regular customer service line to verify what was needed again and to clarify if they are doing mods on rental properties, first gal I spoke with said that the new mod in process has nothing to do with the AG suit in Oregon because that one was denied on 2-9-09, I know for a fact she was incorrect because that mod was filed before the AG announced the lawsuit.

I called back again since my questions had not been answered, this time I got Lequisha. I have spoken with her on other matters in the past and she is probably the most courteous person and actually takes the time to help you.

Last time I dealt with her, she called me back when she said she would, then she followed up and called back to advise that the situation had been corrected and it actually was. I was fortunate to reach her today, she answered my question, which was "Is it worth it to go through the steps involved for another mod since CW is not doing rental mods" she told me that to her knowledge it would not be worth it and then she double checked with the proper department and confirmed that. I have faith in what she told me this time because of her excellence in service in the past and has probably been the only one out of any department that went that extra mile.

Basically I am just giving her some koodos online although she may never it know it, I gave them to her personally too. I hope some of you are lucky enough to reach her when you call because she really does seem to be a person who cares and wants to do her job correctly. I know it is not worth it to go through the hassle of trying to modify the rental, well, at least not yet, that day could come though.

[cary_bouldin]

Prof Shays, we will consult a tx attorney but does this sound correct to you?

Will try to short sale the rental property but think it will actually go into foreclosure first, when this property in Oregon was refied from 1st and 2nd into one Jumbo ARM, all monies went into the refi. No cash pulled out.

Value now 225,000 and dropping, loan is 292,500 and increasing, if sold for FMV, 1099 would be for approx 70,000.

Value of principal residence now around 265,000 loan is 308,000.

Looks to me like insolvency would apply and wipe out the 1099 deficiency.

Assets 490,000 at time of foreclosure and loans are 600,000

No other assets to speak of.

Am I understnding this correctly?

[HopingtoFind]

Take a look at Publication 4681.... you can find it at irs.gov website. It has a worksheet which helps you to figure out if you're insolvent or not.

[cary_bouldin]

I sent an email to B Desoer a little while ago, used the address bdesoer@bofa.com, after I sent that I realized this was not the email address listed in this forum and I sent to the email barbara.j.desoer@bofa.com. The postmaster sent this one back as delivery notification failed, the first one to the wrong address has notcome back. Perhaps the address have now changed. I am awaiting a response.

[j-nice]

you have to send it to barbara.j.desoer@bankofamerica.com, good luck!

[cary_bouldin]

Thanks, I missed that. I wonder if both of them went through?