Loan Modification Blogs: Untold Stories of the Victims of Foreclosure Problem

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[Below is an excerpt from a live loan modification teleconference]

Ryan: Okay, Doug asks can he ask for a loan mod on investment property or is it better to say that you live there? How do you do it?

Mike: Most of the lenders don't ask you to lie. Most of them just take your application and honestly even when I work with lenders that say specifically that this loan doesn't qualify because it's investment property, they'll still take my application and process it normally and I get loan modifications. It just baffles me.

Ryan: But are they not as good? I mean, if all things being equal -

Mike: They don't qualify, Ryan, to make as much money on the deal because they don't get all the incentives from the government.

Ryan: So the bank basically can't get paid as much for modifying an investment loan as a regular loan. So it's something to consider. And maybe Doug originally purchased this property as a home.

Mike: That's what a lot of investors, like me, did. You lived in the home for a few years and then you moved on and you were able to keep it and retain it as rental property so if that's the case, you should just proceed with the loan modification request even if one of the reps tells you that it doesn't qualify because it's investment property. Still submit it and I think you'll be surprised, it gets processed normally. You will, of course, have to divulge the rental income that you get.

Ryan: Alright. And Denise asks when you have one primary and two rental properties do you start with the primary? If you're upside down on one versus another, is it best to start with the one with equity or the one that is upside down? Should I start with my first NEGAM at a million fifty - oh, that's ugly - or with my second at 7.5 for $230,000. Let's assume this is her primary residence she's talking about. She lives in a house cost $1.3 million. And should she start with her first mortgage, her second mortgage, or one of her rental properties with equity or one without?


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About the Author:
Rocky Rockwood is an author and expert committed to helping homeowners navigate the increasingly complex arenas of real estate and finance and Do-it-Yourself Loan Modification. Click the link to know more about him: Loan Modification and Mortgage Modification website.