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Originally Posted by Hansolo  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. |
I have read on this forum as well as heard from other sources that lenders are modifying investment properties... If anything I don't see any reason for lender to exclude rental properties from this process. Whether or not bank forecloses on an investment property or owner occupied property, results are the same... all parties lose.