Ok, I bought 6 rental properties in 2006. Two in North Carolina and four in Texas. I paid about $150,000 each for the two in North Carolina and between $120,000 and $130,000 each for the four in Texas. The two in North Carolina were with Countrywide and then Bank of America. One of those I was able to work a Deed in Lieu and the other just foreclosed. Bank of America was horrible to work with. They assigned an account manager to me who never returned my calls so I was not able to work towards a short sale option even though I had both houses listed.
What is going to happen to me now? 1099? Judgement? Do I file bankruptcy?
In Texas two of my houses have second loans now held by Real Time Resolutions. The firsts are with Chase who took them over from EMC. I was just denied loan modifications for the firsts on these two properties for not sending in the requested documents even though my account manager told me that all the required documents had been received. I listed one house for short sale and have gotten a good offer for $88,000. I owe around $125,000 for this house which includes the 2nd. The other house with a first and second will be listed soon for short sale. The other two in Texas have only first loans and I am trying to keep those. Hopefully the tenants won't stop paying rent.
What will I face once I sell these homes in short sales? I need a direction and quick. I hope my worthless financial planner rots in hell for getting me to buy houses that never performed as she assured me they would.
Thanks for any help.