WF Modification offer on Investment Property

[HOMEBODY]

So after months and months of trying to get a modification with Wells Fargo, being denied 2x a few months ago as they claimed I didnt make enough money to keep the property (so they claimed), they made me go through a foreclosure procedure, notified my tenant that the house was going for auction sale and she decided she wasnt going to pay anymore so she has lived free for 4 months, then when I filed for BK they get this Motion for Relief and actually show up in court. I cant believe all that they made me go through these past few months. Today I get this call from a very friendly negotiator who is offering me a modification of just about $100 less than the original mortgage payment..no reduction in interest ( I am paying 5.85%) and a loan for 40 years which will include the last 6 months I havent paid (which equals to about $6,000) I only had 24 years left on the mortgage since I bought it in 2004. So they have added 15 years to my loan, just $100 reduction in payment and the same headache of having an out of state property where the management company screws me anytime they get a chance.

So I am thinking, since I am being discharged it will be so nice to get rid of this property but first I am letting them do all their numbers and then I will ask them where I can send them the key so they can sell for half of what I paid.

I cant believe what they offered me. They must think I am some idiot or something.

Any comments would be appreciated as I am so mad about this.

[tyson24]

I know the offers, well, the good offers that I have known some to get are definitely not flying like they used to. WF is difficult at best most of the time.

I have a rental as well and will just surrender it hopefully at my hearing.

I think at this point you need to decide whether you really want to keep it. I definitely know how much of a pain a rental can be. I hope everything gets esolved and you can b done with this mess.

In California, can you kick the renter out for nonpayment?

[ccsjoe]

I know the offers, well, the good offers that I have known some to get are definitely not flying like they used to. WF is difficult at best most of the time.

I have a rental as well and will just surrender it hopefully at my hearing.

I think at this point you need to decide whether you really want to keep it. I definitely know how much of a pain a rental can be. I hope everything gets esolved and you can b done with this mess.

In California, can you kick the renter out for nonpayment?

Yes, you can. You must follow strict procedures spelled out in the civil code though. If all the tenant has done is not pay, you must serve tenant with a 3-day pay or quit notice. You must follow the service process. After the third day, you can file an Unlawful Detainer lawsuit against the tenant. Again, service processses must be followed. Tenant has XX time to respond, and if they know the code, any slip up you make in process, etc, they can hold you up for months by filing motion after motion. If you don't slip up, or they don't respond, you will get a judgement order which you can take to the Sheriff. Sheriff will appear at property and tell tenant they have 72 hours to vacate or will be kicked out.

You may not, nationwide, employ any measures that would amount to a self-help eviction, such as turning off utilities or locking tenants out. This is illegal in any state.

Not sure you wanted all this detail.

[HOMEBODY]

The tenant finally moved out last week. She just packed her stuff and left and had a friend call the property management. I really think the property manager told her that since the house was in foreclosure she didnt have to pay because he sided with her when I insisted he serve her with the 3 day notice. I've had this house for 6 years and 4 management companies and they are all worse than the previous. Now I am out of the rent for 3 months and no one to collect from.

Has anyone countered offered Wells Fargo and gotten a better deal?

[tcreegan]

Hi HOMEBODY,

Never dealt with Wells Fargo, but your experience is very close to what I got from GMAC mortgage. Go around and around and finally get to an offer that was only about a hundred off the current payment. But then they used this as an excuse (valid one it turns out) to refuse to do a HAMP mod. Threw it into the BK and told them "Enjoy the loss"

Tom in Colo

ps: aren't rentals fun.......did that one time, never again!

[angles]

you can always ask, you never know. i would aproach it as a take it or leave it offer with WF. figure out what it is worth and how much you are willing to pay for it. consider future rents dropping and for vacancies, also evictions. its a busness decision and nothing more. if they take it great, if not, then great too because they did you a favor and did not put you into debt.