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

HopingtoFind · 12-02-2008, 06:33 PM

We are currently in the middle of trying to modify a rental property with Chase. Initially when Chase took our financial information they never said anything as to how they will look at rental income. When later on we were assigned to an analyst she mentioned that they might only consider 75% of rental income.. I don't understand how that could possibly work... Our mortgage payment at this point is $1620 a month, not including taxes insurance, utility and maintenance expensese. Our total rental income from the rental is $1800. With taxes, insurance, etc added in we are couple of hundred dollars negative. If they consider only 75% of that income, we would be major negative... so don't know how they can consider only portion of income and still modify...

12-02-2008, 06:33 PM	#4 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 635 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: will rental property affect modification? We are currently in the middle of trying to modify a rental property with Chase. Initially when Chase took our financial information they never said anything as to how they will look at rental income. When later on we were assigned to an analyst she mentioned that they might only consider 75% of rental income.. I don't understand how that could possibly work... Our mortgage payment at this point is $1620 a month, not including taxes insurance, utility and maintenance expensese. Our total rental income from the rental is $1800. With taxes, insurance, etc added in we are couple of hundred dollars negative. If they consider only 75% of that income, we would be major negative... so don't know how they can consider only portion of income and still modify...