Do not change bank loans for rental property investment?

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My husband and I bought a house rental investment in Sacramento in 2005, when the market was at its highest. We bought it at 410K with org. Loan of $ 320K. Now, the value drops to 200K. We have to be paid by other savings and income for mortgage payments. Recently my husband lost his regular job professionally. We hold this investment rentals, but do not want to hurt our credit rating. Is it possible? or is willing to keep the house if the bank to renegotiate the loan. The Bank will change when we have our mortgage and other investment income and savings (Children College Fund and pension schemes) see?

4 Comments
  1. Reply
    jerry-the-bookkeeper
    May 2, 2011 at 9:17 am

    Loan modification policies vary from bank to bank. The only way to find out is to go in and talk to a senior loan officer.

    Based on your question I assume that you have a negative cash flow from the property. That being the case you should determine what a break even cash flow would be and see if the bank will reduce the payment level so that you can break even on the property.

    Good luck
    Jerry-the-bookkeeper

  2. Reply
    Doctor Deth
    May 2, 2011 at 9:25 am

    I seriously doubt it – very slim chance of them even doing one on a primary residence

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  4. Reply
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