Loan Modification Forum - LoanSafe.org - View Single Post - will rental property affect modification?

charlie · 12-02-2008, 04:24 PM

I'm sure our situation is unique, we started investing in real estate shortly after 9/11 to try to compensate for a 50% pay cut my husband had and loss of his retirement. The rentals all are carrying themselves with small positive cash flow which we use toward our primary mortgage. We have a 5yr option arm that is about to readjust (2nd time)Jan '09 and have only been able to make the minimum payment, therefore neg-amming at an alarming rate.
Any idea if this will negatively affect our modification chances. We have never been late nor missed payments. Just wondering how they will view all of these properties on the financial statement..thanks

12-02-2008, 04:24 PM	#1 (permalink)
charlie Member Join Date: Dec 2008 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	will rental property affect modification? I'm sure our situation is unique, we started investing in real estate shortly after 9/11 to try to compensate for a 50% pay cut my husband had and loss of his retirement. The rentals all are carrying themselves with small positive cash flow which we use toward our primary mortgage. We have a 5yr option arm that is about to readjust (2nd time)Jan '09 and have only been able to make the minimum payment, therefore neg-amming at an alarming rate. Any idea if this will negatively affect our modification chances. We have never been late nor missed payments. Just wondering how they will view all of these properties on the financial statement..thanks