Assistance for IndyMac/OneWest Investment Property ?

[bschwedes]

Hello and thank you in advance for any advice

I have been trying to work with IndyMac-OneWest Bank regarding my secondary (investment) property since August 2009. The property has tenants in it, it is just too much to handle right now with my primary and this mortgage.

The balance on the loan is - $ 242,000
The estimated value is - $ 165,000

I understand my Loan to Income is low - 25 % ( too low for MHAP )
My Debt to Income is - 95 %

It is also a 1st & 2nd mortgage on this property.

IndyMac/OWB is telling me the ONLY OPTION is a possible repayment plan for what I am behind as they DO NOT MODIFY secondary properties.....

Is this true ? Does anyone have any suggestions or know something else which I havent caught on to yet ?

[Evan Bedard]

Hi bschwedes welcome and thank you for joining.

IndyMac/OWB is telling me the ONLY OPTION is a possible repayment plan for what I am behind as they DO NOT MODIFY secondary properties.....

Is this true ? Does anyone have any suggestions or know something else which I havent caught on to yet ?

It is going to be very difficult getting a modification on your investment property. A good way to lower that debt would be to settle the second mortgage on that home. Many lenders are willing to settle 2nd mortgages for about 5-20% of what you owe..