I have successfully gotten modifications on 3 rental properties. They only came "after" I STOPPED MAKING PAYMENTS!!!!! Also you should contact bank every few days, because the rules are changing sometimes daily. My biggest modification success story was with Bayview Bank. I went from 11.9% to 6.5%. I went from paying 10K per month to $5,600 per month! All missed payments were put on the back of the loan. I did have to pay the escrow impounds upfront (taxes and Insurance pymts)As Moe suggested, I provided them with a hardship letter explaining the situation. Explaining that the property was in a high crime area, and that renters couldn't pay rent due to recession. I typed up a rent roll showing who was paying what, and who was behind and all vacancies. This property consists of 2 12 plexes on one note with a $700K balance. I also got loan mods with Country Wide now (B of A) modified automatically by making a phonecall to the bank and giving information by phone. IF YOU KEEP MAKING PAYMENTS, YOU CAN EXPECT NO ASSISTANCE. You won't be able to keep making the payments short of a miracle and run the risk of ruining your credit anyway! I did these mods 3 months ago, using LoanSafe and other internet resources, to educate myself. Good Luck and May God Be With You.
