Loans, Debt & Credit - View Single Post - i have 3 homes 1) primary 2) rental 3)rental for MD

tomser · 07-06-2009, 03:31 PM

I have 3 homes first), primary, second),rental ,third) retal. My upmost goal is to keep my primary home and short sale for other 2 rentals. .All 3 loans are interest only loan and will be reset new higher interest rate coming September . my question is that when i just prepare the hardship letter and a complete income and expenses for primary only ,can I just use my primary home only excludng all the financial informations of rentals because the investment propertie are not apply to MD and i want to shrt sale. If I use only primary. my front end is 42% and back end is 70% ,but if I use all the 3 properties including rentals then my front end is 77% and back end is 93%
so what is the best option to submitt to loss mitigation for modification.
my all loans are on time and ,current and my income reduced 39%,new higher rate is to be reset,no jobs, and retired.

that you for helping me.

tomser

07-06-2009, 03:31 PM	#1 (permalink)
tomser Senior Member Join Date: Dec 2008 Posts: 114 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	i have 3 homes 1) primary 2) rental 3)rental for MD I have 3 homes first), primary, second),rental ,third) retal. My upmost goal is to keep my primary home and short sale for other 2 rentals. .All 3 loans are interest only loan and will be reset new higher interest rate coming September . my question is that when i just prepare the hardship letter and a complete income and expenses for primary only ,can I just use my primary home only excludng all the financial informations of rentals because the investment propertie are not apply to MD and i want to shrt sale. If I use only primary. my front end is 42% and back end is 70% ,but if I use all the 3 properties including rentals then my front end is 77% and back end is 93% so what is the best option to submitt to loss mitigation for modification. my all loans are on time and ,current and my income reduced 39%,new higher rate is to be reset,no jobs, and retired. that you for helping me. tomser