Promise findOneAsync variable = {"isFulfilled":false,"isRejected":false}?

Your question is not really clear, but my question to you would be: why would existingItem not be pending right after you retrieved it?

Do you understand how to use promises? Most of the time you need to get at their resolved values using .then() or other promise manipulation functions:

var existingItem = Models.Items.findOneAsync({ item: items[i] });
existingItem.then(function (value) {
    console.log( "existingItem : ");
    console.log( JSON.stringify(existingItem) );
    console.log( JSON.stringify(value); );
    console.log( "existingItem._id : " + existingItem._id );
});