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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.
  • September 12 2010 - Tampa-Bayshore Gardens
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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.)
  • March 16 2011
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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!
  • September 23 2010
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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.
  • September 21 2010
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If you are facing eminent hardship then I would highly suggest speaking to your lender directly. 

Good luck!
  • September 14 2010
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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.
  • September 13 2010
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