3 Homes, 5 loans

[Joel Fraser]

Just wanted to say what a great website this is. So much advice and I could actually sit all day reading. Everyone is so helpful. Our story: We bought a townhome, lived in it, bought another house, lived in it, bought our current home. All in the span of 3 years. We rent out the other two. In 05 we refinanced the investment properties and our home all in to neg am loans thinking that we could refinance in a couple years. All property values have gone down. 1) Townhome is with Indymac Bank. We've reached our cap and received a notice the end of last month that the payment is going up to $1565.74. We currently pay $1000 plus $180 for association dues. Rent is collected for $1200. I'm in the process of sending a letter but not sure if i should send all the backup documents now or wait. 2) Rental home is a first with Bank United and a 15 year second with Chase. Our rate on the first is 6.125%. and we've also reached our cap on this one. Payments will be going up. We currently pay about $2000. Rent is collected for $1400. I can't find anywhere where I can any information for Bank United. Any help would be appreciated. 3) Current home is a first with EMC and a second with Greenpoint 15 year HELOC. Reached our cap on the 1st and our payment went up this month to $2700 for the 1st and the second is about $800. We have not paid this mortgage and have submitted all paperwork to EMC. Waiting to hear something. We are mainly concerned about our current residence. We've already come to the conclusion that we'll probably end up losing the investment properties. We put down 10% on each, all equity is gone, no comps in the area to speak of. But...I do want to try to do something. I hate not being able to pay the mortgages and our other bills are pretty tight. I work in the title industry and bonuses have gone down, daycare has gone up along with power and gas. My main questions are On the main property should we go ahead and make the minimum that we've been paying to show good faith or not? We bought this house with the intention of staying there and nothing has changed but once again no comps in the area to refi. Is it easier to get a mod with the second once the first is done or should I go ahead and speak to the 2nds? Even if we sold the two investments on a short sale, debt forgiveness we'd still have to pay capital gains tax as far as I know. In sending the letter to IndyMac should I go ahead and send our financials? Is there a loan mod app somewhere? I'm just so stressed out with this. I work as a title officer and was at one point working on foreclosures. Mainly vacant land and projects so know how the foreclosure thing goes. PLEASE HELP!!! THANKS!!!!!