RE: need some help with a question - Loan Modification Forum

rockandroll · 10-13-2009, 01:08 PM

We are getting ready to submit our request to CITI for a modification, a quick question if any one here knows how other real estate is viewed we have a small two flat ( rented and unable to refiance- on the market now) also a small cottage in a different state where everything takes tow+ years to sell in normal markets! any thoughts? they ( according to the homeowner tool box) only ask for the first two pages of returns from last year?

Evan Bedard · 10-13-2009, 02:12 PM

Hi Rockandroll,

Quote:

We are getting ready to submit our request to CITI for a modification, a quick question if any one here knows how other real estate is viewed we have a small two flat ( rented and unable to refiance- on the market now) also a small cottage in a different state where everything takes tow+ years to sell in normal markets! any thoughts? they ( according to the homeowner tool box) only ask for the first two pages of returns from last year?

They will ask for all the information on your other properties as well. They will right away pull your credit report to see all of your oustanding debts..

rockandroll · 10-13-2009, 02:21 PM

Thans Evan do yo happen to know how they will be viewed? We are not late with our mortgage , but are looking for a modification due to reduced income thanks

Evan Bedard · 10-13-2009, 02:27 PM

Quote:

Thans Evan do yo happen to know how they will be viewed? We are not late with our mortgage , but are looking for a modification due to reduced income thanks

Are you two rentals occupied or are they just on the market for sale?

Also if they are rented out, does the rent cover the mortgage payments?

booggs28 · 10-13-2009, 02:29 PM

rock: I am dealing with citi - you state you are current - I just want to give you a heads up if you are current there is a very good chance they will not work with you

- your other two homes are rental properties now correct? do you make any income off of them or do they just pay the mortgages? if they show an "income" they will use that as part of your total income - make sure you send in all the information that they will request - continue to contact them and follow up - if one rep tells you they cannot help you call another until you get someone who is willing to listen and provide some assistance.

best wishes

rockandroll · 10-13-2009, 03:08 PM

One property is rented ( it costs us about $2400.00) the other property is a summer cottage we do not rent it out. I'm sure they will see everything on our credit reports and on our bank statements, we are really down to eating less to keep up our mortgage and do not want to not pay it-

Evan Bedard · 10-13-2009, 04:39 PM

Quote:

One property is rented ( it costs us about $2400.00) the other property is a summer cottage we do not rent it out. I'm sure they will see everything on our credit reports and on our bank statements, we are really down to eating less to keep up our mortgage and do not want to not pay it-

How much are your payments for the summer cottage?

rockandroll · 10-14-2009, 06:22 AM

we pay $976.00 (PIIT) the loan is $110,830 @ 5.87 30 fixed with a second of $50K @5.9 this problem began when we did a rehab, that stayed on the market for a year and we sold it at a loss, we went on the market and the market tanked! and at the same time, I had two operations, and my income went down ( I'm in insurance- independent contractor)
so we are looking at ways to get thru this

10-13-2009, 01:08 PM	#1 (permalink)
rockandroll Member Join Date: Oct 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	RE: need some help with a question We are getting ready to submit our request to CITI for a modification, a quick question if any one here knows how other real estate is viewed we have a small two flat ( rented and unable to refiance- on the market now) also a small cottage in a different state where everything takes tow+ years to sell in normal markets! any thoughts? they ( according to the homeowner tool box) only ask for the first two pages of returns from last year?

10-13-2009, 02:21 PM	#3 (permalink)
rockandroll Member Join Date: Oct 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: need some help with a question Thans Evan do yo happen to know how they will be viewed? We are not late with our mortgage , but are looking for a modification due to reduced income thanks

10-13-2009, 02:29 PM	#5 (permalink)
booggs28 Senior Member Join Date: Aug 2009 Location: piqua, ohio Posts: 213 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: need some help with a question rock: I am dealing with citi - you state you are current - I just want to give you a heads up if you are current there is a very good chance they will not work with you - your other two homes are rental properties now correct? do you make any income off of them or do they just pay the mortgages? if they show an "income" they will use that as part of your total income - make sure you send in all the information that they will request - continue to contact them and follow up - if one rep tells you they cannot help you call another until you get someone who is willing to listen and provide some assistance. best wishes

10-13-2009, 03:08 PM	#6 (permalink)
rockandroll Member Join Date: Oct 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: need some help with a question One property is rented ( it costs us about $2400.00) the other property is a summer cottage we do not rent it out. I'm sure they will see everything on our credit reports and on our bank statements, we are really down to eating less to keep up our mortgage and do not want to not pay it-

10-14-2009, 06:22 AM	#8 (permalink)
rockandroll Member Join Date: Oct 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: need some help with a question we pay $976.00 (PIIT) the loan is $110,830 @ 5.87 30 fixed with a second of $50K @5.9 this problem began when we did a rehab, that stayed on the market for a year and we sold it at a loss, we went on the market and the market tanked! and at the same time, I had two operations, and my income went down ( I'm in insurance- independent contractor) so we are looking at ways to get thru this

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode