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

t2weati · 12-23-2008, 03:15 PM

Here is an update on my loans with Mutual of Omaha (for the FDIC) who took over GreenPoint Mortgage. They approved my loan modifications!!!! I have 2 rentals with them: one in California (8.75%-1st and 12.25%-2nd) and one in Oregon (7.875%-1st and 13%-2nd). For all 4 loans, they gave me 6% fixed Principle & Interest for the life of the loan with a 1 month deferral (no need to make a January payment). The total monthly savings is $857.00 and I did not have to be late on any payments for them to approve it!

FYI, for anyone who's loan is being held/handled by the FDIC for a bank that has closed, the FDIC will stop Loan Modifications on January 16th because another investor will be buying those loans from the government. This is what my Mutual of Omaha modification analyst told me.

This is going to be a Merry Christmas indeed!!!!

12-23-2008, 03:15 PM	#29 (permalink)
t2weati Senior Member Join Date: Dec 2008 Location: Northern California Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan Modification for multiple rental properties Here is an update on my loans with Mutual of Omaha (for the FDIC) who took over GreenPoint Mortgage. They approved my loan modifications!!!! I have 2 rentals with them: one in California (8.75%-1st and 12.25%-2nd) and one in Oregon (7.875%-1st and 13%-2nd). For all 4 loans, they gave me 6% fixed Principle & Interest for the life of the loan with a 1 month deferral (no need to make a January payment). The total monthly savings is $857.00 and I did not have to be late on any payments for them to approve it! FYI, for anyone who's loan is being held/handled by the FDIC for a bank that has closed, the FDIC will stop Loan Modifications on January 16th because another investor will be buying those loans from the government. This is what my Mutual of Omaha modification analyst told me. This is going to be a Merry Christmas indeed!!!!