Sleepless Nights in FL - Loan Modification Forum

barefootbliss · 02-06-2009, 12:03 PM

I am new to this site and posted on the CW Forum with no response. I feel lost and not sure where to turn. Here is my story. I apologize for the length.

Spent savings in 2002 to purchase rental home in FL. Sold our personal residence(which was paid for) to purchase another rental home which would eventually become our personal residence when we moved to FL (which we have). We were caught up in all the home buying (yes, we are to blame) and purchased two additional rental homes. We now have three rental homes and two are standing on their own but the third has drained us of all our savings. We can no longer afford the mortgage, utilities, HOA dues, etc. since the rentals are way down. Here is where we stand.

Purchase Price - $675K
1st mtg - $540K
Heloc - $135 (paid off after selling home to move to FL)

We originally listed the property in 2006 and kept in on the market for 1 1/2 years with no results. We relisted the property latter part of 2008. Last year we put in $30K of our own funds to pay the mtg, etc. We have no funds left and have $12K in CC that we had to use to help pay for the home. We made a huge mistake but we are past that.

We consulted an attorney and he told us to tell CW that we want to do a DIL. We are 1 month behind on the mtg pmts and the second month is here. Is this the right thing to do? This is the first time we have ever been in this situation. We have always made all our payments on time and our debt score is in the high 700's or low 800. Please keep in mind we have the home for sale but the banks aren't lending and people are buying.

02-06-2009, 12:03 PM	#1 (permalink)
barefootbliss Junior Member Join Date: Feb 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Sleepless Nights in FL I am new to this site and posted on the CW Forum with no response. I feel lost and not sure where to turn. Here is my story. I apologize for the length. Spent savings in 2002 to purchase rental home in FL. Sold our personal residence(which was paid for) to purchase another rental home which would eventually become our personal residence when we moved to FL (which we have). We were caught up in all the home buying (yes, we are to blame) and purchased two additional rental homes. We now have three rental homes and two are standing on their own but the third has drained us of all our savings. We can no longer afford the mortgage, utilities, HOA dues, etc. since the rentals are way down. Here is where we stand. Purchase Price - $675K 1st mtg - $540K Heloc - $135 (paid off after selling home to move to FL) We originally listed the property in 2006 and kept in on the market for 1 1/2 years with no results. We relisted the property latter part of 2008. Last year we put in $30K of our own funds to pay the mtg, etc. We have no funds left and have $12K in CC that we had to use to help pay for the home. We made a huge mistake but we are past that. We consulted an attorney and he told us to tell CW that we want to do a DIL. We are 1 month behind on the mtg pmts and the second month is here. Is this the right thing to do? This is the first time we have ever been in this situation. We have always made all our payments on time and our debt score is in the high 700's or low 800. Please keep in mind we have the home for sale but the banks aren't lending and people are buying.

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