Quote:
Originally Posted by tomser  hi ***
I am new and i need your help. I have 3 loans at wells farg with all interest only loans. these 3 loans are going to rest new higher rate in coming month of September
first is pricipal resident $550k
second is rental home $$450k
third is also rental home $ 460k
and line of credit second $300k
keeping my primary resident is my upmost goal.
I ran primary home DTI front end is 43% and back end is 71% ( income $5100 and PITI expenses is $ $2183 and $ 3603 back end)
My question to you is that when I prepare all thoes income and expensise
and hardship letter; I need only the primary resident excluding those rentals and second mortgage. so i only apply for LM for primary resedent only ??? could you kindly explain to me what kind of chance and how to present for LM . I am preparing now to submitt to Lose mittigation
thank you very much
tomser |
I had a similar situation like yours. My goal was save to my primary residence so I ended up short selling the rental homes. That took almost a year believe it or not. I could write a book on that whole short sale process and how flawed it is.
in any case I listed everything in my financials and hardship. the bank is going to run their own financials from the credit reports so those loans will show up. list everything. decide if you want to sell those rental properties or hold on to them.
look for my other postings and you can read all about my journey.