This scratches the surface, but i hope it provides some light.

I put very little time into doing all of this and have only scratched the surface of learning what is available within.

Therefore, it did not make sense to foreclose on these assets, nor keep them at a surface.

BUT, the shingle manufacturer requires a nailable surface, which a rotted wood board is not, so they are required to pay for it under that.

When these posts surface there are two camps who chime in.  

There could be reason behind this, but on surface, this is low.As noted above, severely negative leverageNo stated pref, so I am assuming the 80/20 split happens right awayProjected returns are okay.  

There are more factors to consider here but from a surface level, it seems your $ will go further in another market or perhaps locally with a different property type (i.e. small multifamily).Lastly, I like @Andrew Jennings Freerks' point regarding claiming hardship or another workaround for keeping your unit as a rental.

Luke,On the surface it looks like you are over reaching to get a small return from (2) transactions. 

And some of these lenders just did a poor job because they got caught up in the same unjustifiable market euphoria as the borrowers.But now as those bad decisions or incompetence or inappropriate market enthusiasm rise to the surface, most lenders have only one goal:  to get their principal (and hopefully interest and costs) back.So as it relates to negotiating an extension with a borrower…these are individualized conversations with ala carte selections, not a prix fixe menu.  

It is always great to get your underground and as much surface needs out of the way.