Investment property Loan modification

[tag442]

My wife and I are self employed. I'm a building contractor and my wife is a Realtor in California. We are basically unemployed at this time. We own 7 different properties, 5 of them are rentals. They do not all pay for them selfs. In this market we would loose too much money if we try to sell any of them. These were going to be our Retirement money, college money etc. Last year I build a Spec home, it did not sell so we were force into moving into this home and renting our home. On our home we rented we have a Countrywide loan and Equity money from Bank Of America. For over a year we have been living off of equity money or credit card money. This is ruining out! We are not sure if Countywide would give us a loan modification on our previously home now rental? Can anyone give us any suggestion on how to go about it?
Thank you, Tag442.

[Dan Bailey]

Tag442,
Glad you found the forum and posted

First thing you will need to do is send them a hardship letter:First thing you will need to do is send them a hardship letter:Examples of a Hardship Letter here is an example. here is an example.

Contacting them on a regular basis, and documenting each contact is necessary. They will instruct you with the other paperwork they will need from you.

If possible, send the hardship letter certified mail so that you have documentation that they received it.

Unfortunately, since you do not occupy the houses, non-profit help is not possible, nor will the presidents plan work for you.

Contacting an attorney would be another option. Beware of "loan mod" companies , as the vast vast majority of them are scms.