How can I get a loan mod for a rental property with an existing mortgage?

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Currently in an ARM Neg-Am in 2012 recalc

4 Comments
  1. Reply
    Common Sense
    May 4, 2011 at 2:36 am

    Doubtful that will happen in an investment property.

  2. Reply
    Landlord
    May 4, 2011 at 3:07 am

    You call the lender, However, since this is a full recourse loan do not hold your breath.

  3. Reply
    Hope Marie
    May 4, 2011 at 4:07 am

    It is doubtful that a bank or mortgage company will modify a non-owner occupied property. However, there are some great options for homeowners out there stuck in NegAm ARM loans. I encourage you to visit http://www.usloanauditors.com and http://www.uslegaladvisors.com to educate yourself on some of those options. If I can be of any assistance, please feel free to contact me. I wish you the best of luck.

  4. Reply
    SeattleBlue
    May 4, 2011 at 4:22 am

    Stop trying to go it alone and talk to some professionals. Talk to lots of loan mod companies and attorneys. Don’t stop with just one. Ask lots of questions and you’ll get lots of free, useful information. Some will try to pressure you to go with them but just ignore it. Start now! Don’t think that the bank has your best interests in mind. They’re trying to squeeze every last dollar out of you.

    You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.

    A good site I used to begin the education process can be found at http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.

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