Zillow Advice RSS: Discussion,Mortgage,WY http://www.zillow.com/advice/WY/mortgage/discussion/ Zillow Advice search results | Zillow Real Estate Loan Modification of a Former Investment Property with B of A http://www.zillow.com/advice-thread/Loan-Modification-of-a-Former-Investment-Property-with-B-of-A/372967/ I own two properties one purchased in 2005 as a primary residence and one in 2007 as a rental property with 2 units that would eventually become my primary residence. &nbsp;The 2007 property has a $490,000 interest only mortgage at 7.5% and is well underwater. &nbsp;The 2005 property has a $130,000 mortgage which&nbsp;thankfully reset down in March and is now at Libor +&nbsp;at 2.35% for the next year.<br/><br/>Over the past few years both my income as a small business consultant and the rental income decreased dramatically. &nbsp;Earlier this year, a vacancy in one of the rental units and the prospect of earning more by renting the 2005 property prompted me to move into the 2007 property as an owner occupied unit.<br/><br/>This helped somewhat, but I have only been able to stay current by draining my saving and borrowing from family. This past month I was able to secure a full-time job as well as some side contract work, but my payment is still about 50% of my gross income (including rents.) &nbsp;Without other changes, reducing the interest rate to 4.3% would make interest payment, taxes and HOA 31% of my gross income<br/><br/>I have requested and received a HAMP packet from BofA, but am wondering if the fact that the property was originally an investment property will disqualify me from the federal program or if there are any other potential pitfalls people see.<br/><br/>Thanks for your input!<br \><br \>5 replies Thu, 28 Oct 2010 16:58:00 GMT http://www.zillow.com/advice-thread/Loan-Modification-of-a-Former-Investment-Property-with-B-of-A/372967/ 2010-10-28T16:58:00Z 90 Day lock on Intrest Rates... http://www.zillow.com/advice-thread/90-Day-lock-on-Intrest-Rates/259661/ We just opened a new construction account with our local bank.&nbsp; I've been told that we can lock in a fixed rate once we are within 90 days of transfering over to a fixed mortgage.&nbsp; My question is Once we are within that 90 day period can we tell the bank to lock us in if it gets to a target rate?&nbsp; I'd like to set a target of a <a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/">30 year mortgage</a> at 4.5%.&nbsp; Is there some sort of computer system that a bank would have that would automaticaly lock that rate once (and if) it hits our target 4.5%?<br \><br \>3 replies Thu, 23 Jul 2009 15:06:00 GMT http://www.zillow.com/advice-thread/90-Day-lock-on-Intrest-Rates/259661/ 2009-07-23T15:06:00Z