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

Hansolo · 12-16-2008, 08:28 PM

I thought that loan mods were only for those who need it on their primary residence?

Maybe that's only if it's a true reduction of principle that you are going for... not sure.

Anyway, with the way things are going I am not sure how ready to forgive debt on rental properties the lenders are going to be.

Where I live in California only 5 - 8% of "short sales" are working out (and these are mostly people trying to sell their primary residence and only home). That's because the people selling are asking the bank to eat more than 200K on a property. Sad as it is, most of these do not happen.

I wish you luck.

12-16-2008, 08:28 PM	#22 (permalink)
Hansolo Member Join Date: Feb 2008 Location: Foster City, CA. Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification for multiple rental properties I thought that loan mods were only for those who need it on their primary residence? Maybe that's only if it's a true reduction of principle that you are going for... not sure. Anyway, with the way things are going I am not sure how ready to forgive debt on rental properties the lenders are going to be. Where I live in California only 5 - 8% of "short sales" are working out (and these are mostly people trying to sell their primary residence and only home). That's because the people selling are asking the bank to eat more than 200K on a property. Sad as it is, most of these do not happen. I wish you luck.