i have 3 homes 1) primary 2) rental 3)rental for MD

[tomser]

I have 3 homes first), primary, second),rental ,third) retal. My upmost goal is to keep my primary home and short sale for other 2 rentals. .All 3 loans are interest only loan and will be reset new higher interest rate coming September . my question is that when i just prepare the hardship letter and a complete income and expenses for primary only ,can I just use my primary home only excludng all the financial informations of rentals because the investment propertie are not apply to MD and i want to shrt sale. If I use only primary. my front end is 42% and back end is 70% ,but if I use all the 3 properties including rentals then my front end is 77% and back end is 93%
so what is the best option to submitt to loss mitigation for modification.
my all loans are on time and ,current and my income reduced 39%,new higher rate is to be reset,no jobs, and retired.

that you for helping me.

tomser

[Moe Bedard]

Hey tomser!

Submit both with a letter of explanation on why you are doing and why you NEED to short sale. Explain in the letter that you may walk away if they do not sale in order to keep your primary.

Mortgage servicers are very aware of these types of situations and will work with you if you are transparent and have the proof to back up your claims. They deal with a lot of investors who pull their legs daily. So, try and be as honest as possible.

Hope that helps!

[tomser]

Hi bedard

thank you so much

my 2 rentals are that one has negative equity (- 67k) and other one is 68k equity and will be soon under the water. . if the lender sees there is no equity then they cant recover the cost then they try to work out with me but if there is equity then they sell and recover the cost and less willling to work out with me in general. am I right ??

and right now i have only $800 monthes negative cash flow from my rental.? and when i apply for M.D can i just apply for primary only excluding rental --may be LM says no?????

I dont see why they dont give me short sale

would please commnet on this I really do appreciate

tomser

[Moe Bedard]

The worse you are underwater, late etc, the more help you will get. Even on these investment properties which you can get a modification on if you show them the negative equity also. Just FYI.

If you get an attorney or real savvy short sale Realtor, they may be able to handle this for you and get somewhere.

[tomser]

Hi bedard

thnak you so much I really do appreciate it

so what is the best way to write the harship letter -do you have any suggestions and where can I find real estate short sale attorney ??
\
and while short sale the tenants may move out then real trouble and what happend if i can't pay the morgage while the short sale is on the market?? bye the way my loans are at well ***o

best wishes

tomser

[otisanddinga]

call fransen and molinaro and speak with Nathan Fransen, I did. you might be able to modify and keep rental.don't give up!

[tomser]

Hi ostisanddinga

thank you so much

who are the those people you just gave me and can i have their phone or email address

I really appreciate it

best wishes

tomser

[otisanddinga]

actually, call them if your in California 888 756-2652. If your in a different state, check this site and read other peoples stories. You can get a lot of helpful info by just reading other postings. Hope this helps..good luck

[Moe Bedard]

No problem. Please Download My FREE Loan Modification E-Book and you will get example in there.

You said:

and while short sale the tenants may move out then real trouble and what happened if i can't pay the mortgage while the short sale is on the market?? bye the way my loans are at well ***o

Most homeowners do not pay the mortgage when it's in the short sale process because they are in foreclosure. It is hard to get much of anything as far as help from your mortgage servicer if you are not late or in foreclosure tomser.

Good luck!

[tomser]

Hi bedard

thank you so much for information I appreciate it

I wonder you can answere me my loan is not at Fenn or fred that i am not able to refinance ,but i can apply for HAMP or MHA for modification. I am stll not clear to understand that the HAMP and MHA program could you kindly explian to me the differnces

thank you
tomser

[Moe Bedard]

If you report a hardship, your servicer will:

• Determine whether your loan meets the minimum eligibility criteria (owner occupied, originated on or before January 1, 2009, unpaid principal balance equal to or less than $729,750). If yes

• Ask about current income, assets and expenses as well as the specific circumstances relating to the hardship to determine if you will be unable to make your mortgage payment. (Your servicer may initially accept verbal information about your income and expenses, but eventually you will need to provide proof in the form of tax returns, pay stubs and other evidence).

• Determine if your monthly first lien mortgage payment is more than 31% (approximately 1/3) of your gross or pre-tax monthly income. If yes:

• Add past due charges (interest, taxes, insurance and costs that your lender paid to other parties on your behalf – but not late fees, those must be waived) to the loan balance.

• Determine how much of an interest rate reduction will be required to get your first mortgage payment down to a point where it is no more than 31% of your gross monthly income.

• Apply a value test to determine if the cost of the modification (including the government’s incentive payments) is less costly for the investor than not modifying the loan (loans held by borrowers who have a lot of equity or whose incomes are very low in relation to the value of their homes probably will not pass this value test). If yes:

• Put you on a trial modification for three months at the new interest rate and payment level.

• If you successfully make the payments and are current at the end of the trial period, your servicer will execute a permanent modification agreement that will lower your interest rate to a fixed rate for five years, and then capped at a low rate for the remaining life of the loan.

[tomser]

Hi Bedard

thank you for your time spending for the information .I appreciate it very much

I ran my primary resident only for DTI ( PITI) ratio excluding my rentals:

front end43%, back end 71% ( PITI+other expenses)

If include all 3 properties DTI ( primary and rentals ) front end 77%, . back end 93%

My problem is that if lender sees this ratio they turn down without short sale requesting ,but with requesting short sale ( the rentals ), they may say ok.

If the lender turns down without short sale , I just wonder to hire attorney to represent me
I just wonder to see if you can comment on this

and wonder where I can find attorney specializing this LM

thank you and best wishes

tomser

[Moe Bedard]

no problemo sir..

unfortunately there isn't a set range of numbers to follow for a modification. Here is a link to the guidelines that the servicer is following for the MHA rogram.
http://www.treas.gov/press/releases/...guidelines.pdf