Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for tinl1

Can I get a loan modification, when the property is rented and still costs me 1K monthly above incom

I have credit score over 800, cannot make payments any longer due to lesser income and condo that's worth much less than the loan.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 12 2010 - Tampa-Bayshore Gardens
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

You absolutely will not qualify for a loan modification unless this is your primary residence.  That is a main qualification for approval.  Talk to your lender first but 99.9% you will not be approved. 

http://www.suite101.com/content/obama-refinance-loan-modification-programs-a100822

Home Owner General Qualifications for Obama Loan Modification

  • The loan must be controlled by Freddie Mac or Fannie Mae
  • The home must be the owner's primary residence
  • The mortgage was originated before Jan. 1, 2009
  • Have an unpaid balance that is equal to or less than $729,750 (for a single-family home)
  • Mortgage difficulties must be due to financial hardship. This hardship could be the result of an increase in the payments, or the borrower's income was reduced or there were unexpected issues (medical problems, pay reduction) that increased an owner's expenses, the owner soon will be unable to make payments. There is a requirement to complete an affidavit of financial hardship.
  • The monthly mortgage payment must be more than 38% of the owner's gross (pre-tax) monthly income. (This is known as the debt to income ratio or DTI.)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 16 2011
A hardship is a hardship--I would definitely suggest talking with your lender, before are late on any payments--these banks are being pressured to seek loan modifications instead of simply foreclosing, and I do know that a couple of my short sellers have been approached for loan mods on properties they have chosen to sell.

It's not a guarantee, but definitely give it a shot before you default!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 23 2010
Profile picture for omorfiyinaika
I am in a similar position. I tried to get a loan modification with my lender, but was told the property had to be my primary residence.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2010
If you are facing eminent hardship then I would highly suggest speaking to your lender directly. 

Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 14 2010
The FHA program requires that it be your primary residence in order to qualify for a loan modification, unless you had a job related move. You could approach your lender and see if there is another option or avenue to accomplish one or you could consult with an attorney who specializes in that area.

Try talking to your lender first.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 13 2010
 
Related Questions
Can I get a loan modification, when the property is rented and still costs me 1K monthly above incom
Profile picture for Stephanie Rawcliffe
Latest answer by Stephanie Rawcliffe
March 16 2011 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2413 Bayshore Blvd APT 1102, Tampa, FL Home For Sale
    2413 Bayshore Blvd APT 1102, Tampa, FL 33629

     For Sale: $350,000

    • Beds: 2
    • Sqft: 1376
    • Baths: 2.0
    • Lot: --
  2. 2403 S Ardson Pl UNIT 902B, Tampa, FL Home For Sale
    2403 S Ardson Pl UNIT 902B, Tampa, FL 33629

     For Sale: $549,900

    • Beds: 3
    • Sqft: 2612
    • Baths: 2.0
    • Lot: --
  3. 2552 W Palm Dr, Tampa, FL Home For Sale
    2552 W Palm Dr, Tampa, FL 33629

     For Sale: $675,000

    • Beds: 4
    • Sqft: 3211
    • Baths: 3.0
    • Lot: --