Any success loan mods with 2nd home/ Investment ?

[Ocean2]

I'm trying to help my aunt get a loan modification with her lender.
She bought the house ($510K) as an investment but she could no longer afford the payments even with the tenant... It is eating up her savings... but she wants to save the house if the payment can be lowered.
the value of the house now is only about $ 350k or maybe lower.
She has jumbo loans with 1st & 2nd. Her first has 10 year fixed, interest only for 7.125 %.
Also I see that most loan modification involves a lot of phone calls, she does not have time for that and im trying to help her with paperworks and getting it together, but I don't know if the bank will talk with me because i am not the borrower.

Pls. help.

[Evan Bedard]

Hi ocean2,

Getting a modification on an investment property will be a lot more difficult but is not impossible. It will take many calls to the lender and hours to get this achieved. The lender should also let you speak on her behalf if you explain to them the situation and provide a letter with her signature allowing you to speak on her behalf..