Can I be helped with this property?

[ohboy2009]

First of all, I would like to commend the creators and the participants of this website. The wealth of resources presented is remarkable.

In 2007, I purchased a two family investment property. Auroa Loans gave me a 9.3%, 30 yr fixed loan and a hefty prepayment penalty if I were to refinance or sell the house within the first three years of the mortgage. I have come to realize the both the realtor and mortgage broker I worked with did not have my best intentions in mind when working with me.

Over the past year costly repairs (replacing a dead furnace and two old water tanks) as well as tenant nonpayment of rent have resulted in financial hardship. The current market rents barely cover the cost of mortgage and taxes. I tried to refinance in 2008 after making a series of repairs and upgrades but the banks would not lend. I have exhausted all of my reserves.

I have to imagine there are quite a few landlords in the same boat out there - Tenants get laid off, stop paying rent, landlords struggle with their property.

[Moe Bedard]

ohboy2009,



Welcome to the forum and thank you for joining...............


The answer to your question lies in what you are looking to do with the property................you had not mentioned what it is that you are looking to do.

modification
short sale
deed in lieu
walk away

who is the lender?
do you have one loan or two?
what is the loan amount?

[ohboy2009]

***, thanks for the reply!

I am looking to modify this loan. The mortgage is with Aurora Loans and has a balance of 113k. Original loan is 115K. There is only one mortgage on the property.

With the fluctuation of recent sale prices and listing prices of houses currently for sale I don't know how much the house is worth. It's either worth slightly more or as much as 10% less than what I paid.

[Moe Bedard]

For a modification through Aurora, you would need to contact them and fill our the modification package that is available in the link below to begin the process and see what options are available......
1-866-521-3828


https://www.myauroraloan.com/docs/Au...42200994843231

[Hopefull2009]

Just a thought - You might want to wait until Sunday night to check the website. They are doing a website "maintenance" this weekend. It'll be down Friday through Sunday night. They already have fairly easy to print workout packages to download and submit, but maybe they'll be updating their different circumstance packages? Just a thought.