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Is there a similar modification for rental or investment property?

  • September 17 2010 - West of Twin Peaks
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Answers (3)


Yes
You can do an investment property modification. 
Hardest part will be to prove why you need the modification on an investment property.  Be prepared.  They will question if the reason you need reduced payments is because of mismanagement or for a just a temporary set back due to vacancy. 
Your tax returns will play a big part in your overall picture.  Such as repairs that you might have claimed etc.
Sincerely,
Celia
  • September 17 2010
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It's worth your while to contact your lender and talk about your situation.  They will ask you for your financials and how much money you are losing per month. 

If you can make the case that you can't afford to keep losing money every month and you don't have other substantial assetts, then you might get them to modify your loan.

Goodluck!
  • September 17 2010
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The workouts for those properties are Investor driven and not part of HAMP. The investors are giving modifications but they vary greatly.
  • September 17 2010
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