I'm working with a seller who has 2 properties. One is a rental that they've owned since the 80's they rec'd a loan mod. 6 months ago, the lender wrote down the principal $100k and they still can't make the payment (the tenant has not paid in 2 months) so they have not paid their mortgage.
Their main residence also got a loan mod. around 6 months ago and they are making the payment on that home (principal residence).
The rental mortgage is with Wachovia and it only has a 1st, now the seller seems to think that he can work with W. to lower the payment again!
Their CPA and I both have advised them to sell both homes but, I can't seem to get it through as they are still emotionally attached to both homes.
Any suggestions would be greatly appreciated.
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