I have read this site for hours and hours and the more I read, the more I am unsure the right direction.
Get the second dissolved or settle at 10% or less
Get the Principle reduced on the 1st
Property is in Florida
Property was bought at 600,000 in 2007.
1st mortgage was at 420,000 and 2nd was 140,000, both through Chase
Property is valued at 250,000
I have sent in many Mod requests for 3+ years since I had Twins. The expenses of the twins has depleted all my reserves and now I have no savings at all..
I have been denied over and over again. I finally stopped paying both 1st and 2nd 3 months back…
Now chase seams much more incline to help. I have submitted hardship paperwork for both 1st and 2nd.
The 1st denied me again a month ago (not enough documents), so I sent is all in again.. (HAMPster wheel).
The 2nd I waited and sent in a settlement letter last month for 14,000. They denied and did not even counter offer! The lady said her management did no see a hardship and I was not finically distressed..
My situation is a bit different and I have 3 rental properties
The 3 properties are also upside down, the income from the rent just barely covers the expenses.
So the ROI on the rentals is breakeven or maybe a little bit of a negative.
But they are upside down, so not like I can sell them…
On the 1st mortgage mod, chase seems to be asking a lot of questions about the rent and asking me to provide proof to them I am getting income in my bank statements, etc.. requiring me to fax in bank statements circling the deposit.
What are they getting at?
What are they trying to determine?
What is the best way to present rental properties to the bank when trying to get a mod? Should they show as a positive ROI, or should I make it appear as a negative?
On the 2nd, I don’t know where to go from here.. they keep telling me to pay and stay under the 90 days otherwise it will be moved out of the lost mitigation on to the other department and the legal course will happen… and I will not be able to negotiation once it get to that stage.
Is that true? should I pay until I get another answer on the 1st?
General questions for both:
Since in Florida, should I be worried of recourse?
If I end up SS, as I read it sounds as if I will still be responsible for the 2nd, right?
Is bankruptcy better to do before of after the foreclosure? Keep seeing different answers.