Hi t2weati, I am not so new to this site but still haven't gotten anywhere on our loan mods. Here's a link to a thread with our story:
HOPE not helping...berates me like the lender!
I sure would like to hear of somebody getting loan mods done on income property! I, too, don't want to foreclose. We have 2 income properties and a SFR, all upside down, with rents not covering mortgages anymore. All 3 have option ARMs, all in LA.
According to my counselor from HOPE, who was really not very helpful, each lender only cares about their specific loan, so, if you have a surplus, they want it paid to them on THEIR loan. Better to not have much of a surplus, is the idea I was getting from him.