Home Mortgage Loan Modification Question?
I own a home that I lived in as my primary residence and then I had to move to another state so I rented it out so a disabled couple. They have been livign there a little over a year now. Turns out I have an ARM mortgage which resets in August. I can’t refinance because my CLTV is too high for a rental property. My mortgage company is sending me a packet and said maybe they would be able to to a modification. How likely is it they will fo a modification on a rental property?
Yeah the bank that holds my mortgage is trying to help me modify it. It is an internal thing. They said I have to fill out some paper work, write a letter with my situation, and send it to them and they will see if I qualify for a loan modification. The thing is, that they didn’t really ask me much info on the phone and as soon as they realize it is a rental property I am afraid they will not help me and then I will have to kick my renters out and foreclose because I can’t afford for them to raise the mortgage and I can’t raise the rent any higher because it is already too much as it is.