Has anyone been successful at negotiating short sale with WF? I bought 2 "investment" properties 4-5 years ago for $125k each. They're now worth $45k. I owe over $90k on each of the 2 mortgages. I can no longer afford to rehab these rental units every time the tenants leave & trash them. It costs $10k to do this every year, plus vacancies, lower rents (if paid at all), water bills, rising taxes, property managers, etc.
I have no way out but to short sell them.
I wrote a hardship letter & am working with a realtor specializing in short sales.
Has anyone been successful or have any insight??