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

HopingtoFind · 12-02-2008, 06:08 PM

Hi t2weati Welcome,

We are kinda in a similar boat, although we do not have 13 rental properties. We have 3, two duplexes and house in the worst hit areas of the country. The duplexes are in California and a house in Florida.
We are attempting to modify these three. We are current on all three.

One duplex in California is way upside down and is one loan with Chase. We have submitted all our documents, expenses and income (including rental income) and at this point they have assigned an analyst and she is working on it. When I last spoke to her she let me know that she is working on it and will be ordering an appraisal this week... So we are hopefull. Our rent went down significantly as well from the time we purchased.

The other duplex, first loan is with Amtrust and equity line of credit with BoA. We have submitted all the documentation to AmTrust and are waiting for response.. BoA we seem to be having trouble as far as getting to submit documentation.

And lastly a house in Florida, first loan is with BoA, Equity line of Credit is also with BoA, we are still waiting for someone to be assigned.. so that we can submit our documents...

At this point we are having the most trouble with BoA, they seem very unresponsive especially with Equity line of Credit. Chase seems to be the most responsive of the three...

12-02-2008, 06:08 PM	#2 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 556	Re: Loan Modification for multiple rental properties Hi t2weati Welcome, We are kinda in a similar boat, although we do not have 13 rental properties. We have 3, two duplexes and house in the worst hit areas of the country. The duplexes are in California and a house in Florida. We are attempting to modify these three. We are current on all three. One duplex in California is way upside down and is one loan with Chase. We have submitted all our documents, expenses and income (including rental income) and at this point they have assigned an analyst and she is working on it. When I last spoke to her she let me know that she is working on it and will be ordering an appraisal this week... So we are hopefull. Our rent went down significantly as well from the time we purchased. The other duplex, first loan is with Amtrust and equity line of credit with BoA. We have submitted all the documentation to AmTrust and are waiting for response.. BoA we seem to be having trouble as far as getting to submit documentation. And lastly a house in Florida, first loan is with BoA, Equity line of Credit is also with BoA, we are still waiting for someone to be assigned.. so that we can submit our documents... At this point we are having the most trouble with BoA, they seem very unresponsive especially with Equity line of Credit. Chase seems to be the most responsive of the three...