Modification of investment properties by credit unions - Page 2 - Loan Modification Forum

classicgk · 03-04-2009, 03:04 AM

Umm they are considering a loan modification coz they dont want it back. Dont forget to allow for dropping rents, adequate maintenance and a vacancy factor. And way to go

classicgk · 06-13-2009, 05:03 AM

How are you coming on your loan modification with your credit union? We found it very helpful to meet in person and to also ask the credit union bankers for advice on what to do as well.

We did get our credit union 2d mortgages on our rental property and on our residence both forgiven; they however do want to put in what I call an equity kicker option for up to 50% future appreciation above current market value and up to the value of the forgiven mortgage.

03-04-2009, 03:04 AM	#26 (permalink)
classicgk Senior Member Join Date: Jan 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Modification of investment properties by credit unions Umm they are considering a loan modification coz they dont want it back. Dont forget to allow for dropping rents, adequate maintenance and a vacancy factor. And way to go

06-13-2009, 05:03 AM	#27 (permalink)
classicgk Senior Member Join Date: Jan 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Modification of investment properties by credit unions How are you coming on your loan modification with your credit union? We found it very helpful to meet in person and to also ask the credit union bankers for advice on what to do as well. We did get our credit union 2d mortgages on our rental property and on our residence both forgiven; they however do want to put in what I call an equity kicker option for up to 50% future appreciation above current market value and up to the value of the forgiven mortgage.

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