With the only thing left being the IRA’s and worrying about survival on the banks advice, we defaulted on all the properties in July 2009. The housing market continued to decline, values were freefalling, and we couldn’t unload a thing. On the majority of the properties we were underwater with no buyers, even on a short sale. On October 6, 2009 I sent all the banks a certified letter explaining our situation again and that it had been three months so we needed someone to talk with us. I have to say that the stress leading to the default was much more intense than the actual default. At that stage there was not a choice. Not one bank got back to me. In late October I started calling again trying to get a person who would talk with me. Mostly it was an automated run around until I could get a live body to tell me what to do. Over and over it was fill out the request for a modification form. A modification form is basically an income, expense, asset, liability sheet. They wanted to know everything about us and provide the documentation to back it up. On twelve properties needless to say this was a ton of work as no two forms were the same. When all was filled out and documentation copied, all tax returns for two years, bank statements, etc. it weighed 9.2 pounds and then I had to ship it, each copy package cost almost fifty dollars and shipping like twenty.