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I have a 4-family I bought with an 80/20 then adding a 3rd mort.,the equity increase, in the year I owned it(repairs). Total owed for all 3 is roughly 385k (300k 1st, 65k 2nd, 20k 3rd. All fixed APR). Current value about 275k approx (roughly).I have had many issues renting it out consistently (live on premise as well) and took the 3rd to help rehab to rent easier. Partly worked but not nearly enough.Now payments have jumped on the 1st loan from 2k to 2.43k due to escrow starting since they decided to pay taxes I had been looking to dispute. I lost so it doesn't matter now, but the payment jumped just the same.I have difficulty paying the new amount and was able to handle the prior amount even when it wasn't fully occupied, but now I will be struggling at best.I don't see how I can make headway paying down bills that I accrued to rehab when I can't rent it enough and the payment jumped so much.Loans aren't owned by Fannie/Freddie. I don't think I qualify for the Obama plan.I want to stay current on all bills and was hoping to try to work a mod. with the lenders, but that doesn't look promising, esp where I am current and not covered by the Obama plan.
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