Loan Modification Forum - LoanSafe.org - View Single Post - Loan Modification for multiple rental properties

t2weati · 12-02-2008, 04:54 PM

Hi, I am new to this site and wanted some advice from anyone who has tried a loan modification for multiple rental properties.

I own 13 rental properties which all have declined in value and rent (mostly negative cashflow). I owe more money on them than it is worth. It is getting harder and harder to keep up with the 13 mortgages, plus my primary residence. I have not been late yet with any of the payments, but I may be late for the first time this month. I've depleted savings and incurred a lot of credit card debt to meet the payments. How agreeable are lenders with regard to Loan Modifications on Investment Properties? Has anyone had any success?

The location of the properties and the lenders are:

California- GreenPoint Mortgage
Oregon- Chase Mortgage
Hawaii- GMAC Mortgage
Florida- Countrywide
New York- PHH Mortgage, IndyMac, Select Portfolio

I have 3 Florida properties and Countrywide holds all the mortgages on them. Should I try to modify the loan one at a time or all 3 together at the same time?

Foreclosure is something I want to avoid at all costs. I worked long and hard to accumulate what I have and I don't want to lose it. These investments are supposed to pay for my kid's college education in a few years time. Even if I can shave $100 a month off of each property, it would be a huge help financially.

Any advice is appreciated!

12-02-2008, 04:54 PM	#1 (permalink)
t2weati Senior Member Join Date: Dec 2008 Location: Northern California Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan Modification for multiple rental properties Hi, I am new to this site and wanted some advice from anyone who has tried a loan modification for multiple rental properties. I own 13 rental properties which all have declined in value and rent (mostly negative cashflow). I owe more money on them than it is worth. It is getting harder and harder to keep up with the 13 mortgages, plus my primary residence. I have not been late yet with any of the payments, but I may be late for the first time this month. I've depleted savings and incurred a lot of credit card debt to meet the payments. How agreeable are lenders with regard to Loan Modifications on Investment Properties? Has anyone had any success? The location of the properties and the lenders are: California- GreenPoint Mortgage Oregon- Chase Mortgage Hawaii- GMAC Mortgage Florida- Countrywide New York- PHH Mortgage, IndyMac, Select Portfolio I have 3 Florida properties and Countrywide holds all the mortgages on them. Should I try to modify the loan one at a time or all 3 together at the same time? Foreclosure is something I want to avoid at all costs. I worked long and hard to accumulate what I have and I don't want to lose it. These investments are supposed to pay for my kid's college education in a few years time. Even if I can shave $100 a month off of each property, it would be a huge help financially. Any advice is appreciated!