It is delinquent enough (Greater than 90 days but below 120 days(can't file first legal until after the 120th day by federal rule (Except under very very specific circumstances)) to where the lender or servicer has sent the breach letter (Notice of pending foreclosure) with an expiration date that the loan will be referred to a foreclosure filing (Trustee/attorney) if the borrower(s) don't cure the breach within that defined period of time.* A notice of default is not a letter sent by a creditor saying they are late.

You need to be extremely thorough with your scope of work, and unfortunately the sun porch was not salvageable, but fortunately the contractor helped knock it out of the park and the home looks amazing now!

I had put in for extenuating circumstances form several time and never received a response.

Quote from @Evan Polaski: @Brian Burke, you bring up a good point, but also, unfortunately, this is all grey area.

Unfortunately, Texas has a law prohibiting HELOCs on rental properties and I believe they also have a 70-75% max total loans allowed on the property which cuts into the equity I've built and would only allow for me to access 30K which would make it less appealing to go through the process for only 30K.

Unfortunately there are a lot of agents who will fight this issue hard as you are attempting to threaten their livelihood.

I'm not well versed in the tax code by any means but this whole depreciation thing seems like something that applies to some people based on individual circumstance but the gurus preach it to the masses.

After multiple calls and emails about the matter (even involving the local HUD office), I finally get a response that says "Unfortunately, HACW is experiencing a temporary shortfall of funding and will be unable to pay the HAP amount for this month..."

I agreed with what everyone has already stated here: depending on your own circumstances.

Your helping a lot of BP members with these detailed accounts.. its unfortunate that it comes at investors expense but its a great learning tool for newer folks.