My first rental house loan mod was discussed in this thread;
What can I expect to happen?
Today I received notification that my second rental mod was also approved. The original principal/interest/tax, and separate insurance totaled right about $2490, and the new payment will be $1595, so just about a $900 decrease in monthly payments, and about the same dollar amount reduction as my previous mod.
The formula is this;
stop payments for three months.
After about the first missed payment, a local broker will call, asking if they can be allowed entrance to the property to do an assessment of value. Let them do that.
They will send a letter, advising of your direct contact person. Call them and let them know that you will be faxing in the mod request after the third missed payment.
As soon as the third month's payment has been skipped, print and fill out their online forms for a modification, and include all other documentation they ask for. Proof of income is essential. They have to feel comfortable that you will be able to make the new payment.
Take the paperwork to the nearest Chase branch, and have them fax it. That way there will be no excuse on the other end that they didn't receive it, because there will be a fax confirmation number.
In both instances when I had the branch fax the material, and then provided requested further information, my mod was approved within a week.
Now for me, on to rental mod number three...