Loan Modification Forum - LoanSafe.org - View Single Post - My monthly deficit too high to get a mod?

QuayzyCrazy · 07-03-2009, 08:17 AM

I checked NACA's website and I don't qualify for NACA Homesave program because I have a rental property. They even claim that you need to "dispose" that property and then talk to them. I've been trying to sell it with no luck for the last 3 years. I'm current on that loan. I want the bank to let us have a short sale on the rental property. I hear so many stories about stopping payments and that way they will be "motivated" to talk to you. What do I need to do? If I stop paying that rental property, the effects on my credit score will affect the chances to refinance my residence under the MHA Refinance program. I was told to chose one property to save and I choose my residence (larger loan). Please, I just don't know where to start....

07-03-2009, 08:17 AM	#47 (permalink)
QuayzyCrazy Senior Member Join Date: Jul 2009 Location: Miami Posts: 121 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? I checked NACA's website and I don't qualify for NACA Homesave program because I have a rental property. They even claim that you need to "dispose" that property and then talk to them. I've been trying to sell it with no luck for the last 3 years. I'm current on that loan. I want the bank to let us have a short sale on the rental property. I hear so many stories about stopping payments and that way they will be "motivated" to talk to you. What do I need to do? If I stop paying that rental property, the effects on my credit score will affect the chances to refinance my residence under the MHA Refinance program. I was told to chose one property to save and I choose my residence (larger loan). Please, I just don't know where to start....