CitiMort / Freddie Rental Mod ? - Loan Modification Forum

ajatkinsaz · 05-15-2009, 08:21 AM

Looking for anyone who has been approved or declined to modify a CitiMortgage / Freddie Mac loan on a rental.

My husband bought a house in AZ for $280k in 2006 and now owes $235k. House next door just short sold for $138k. .

The house was purchased as a primary with the intent to live there. He lost his job in the homebuilding field, was on unemployment, could not find work for 9 months. Finally decided to look in CA for work and found a job. Moved here into a rental home and rented out home in AZ just to keep the house and not mess up credit. Neg cash flow- rent is 1100- mtg payment is 1355. Spent most of cash reserves in th 9 months of being unemployed (I stay at home with our 3 kids who are 4 yrs and under).

I thought a hardship of forced relocation (couldn't find work, had to move to get employed) would qualify us for some sort of mod. I'd be happy to just get the loan stretched out another 10 yrs if it would lower the payment enough.

Anyone have any insight on this?
Thanks!

classicgk · 05-16-2009, 11:59 AM

I just turned in a loan mod request on a Freddie Mac rental on May 5th. It looks like your hardship might not only be geographic but financial: the rental property does not cash flow. I don't know what Freddie Mac's policy is on rentals.

lasvegash · 10-13-2009, 01:15 PM

Just curious...did either of you get the modification

ajatkinsaz · 10-14-2009, 08:46 PM

No luck in getting modified on the citimortg /freddie mac loan. Was put on trial payents for MAH but denied since it is no longer my primary residence. Then on top of being denied, they wanted the $455.00 / month difference while on trial period plus late fees for 2 monhts, and fees for having them drive by the property to check it out a few times. Many hours spent on the phone....got them to spread out the pain...payments for 1 year but that shows on my credit now, as did being on the trial period. I couldn't get a Lowes card whil on the first month of the MAH trial period.
FYI

lasvegash · 10-14-2009, 09:06 PM

Sorry to hear that. I am contemplating requesting a loan mod on my rental, but after discovering this site I really don't know if it is even worth it. I don't think I have seen one successful rental prop loan mod....are you going to try again?

davephx · 10-14-2009, 10:12 PM

No rentals qualify under HAMP your totally at the mercy of servicer for inhouse deal.

lasvegash · 10-26-2009, 11:16 PM

Have you heard of any in-house mods from BOA/Freddie Mac rentals?

05-15-2009, 08:21 AM	#1 (permalink)
ajatkinsaz Member Join Date: Apr 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CitiMort / Freddie Rental Mod ? Looking for anyone who has been approved or declined to modify a CitiMortgage / Freddie Mac loan on a rental. My husband bought a house in AZ for $280k in 2006 and now owes $235k. House next door just short sold for $138k. . The house was purchased as a primary with the intent to live there. He lost his job in the homebuilding field, was on unemployment, could not find work for 9 months. Finally decided to look in CA for work and found a job. Moved here into a rental home and rented out home in AZ just to keep the house and not mess up credit. Neg cash flow- rent is 1100- mtg payment is 1355. Spent most of cash reserves in th 9 months of being unemployed (I stay at home with our 3 kids who are 4 yrs and under). I thought a hardship of forced relocation (couldn't find work, had to move to get employed) would qualify us for some sort of mod. I'd be happy to just get the loan stretched out another 10 yrs if it would lower the payment enough. Anyone have any insight on this? Thanks!

05-16-2009, 11:59 AM	#2 (permalink)
classicgk Senior Member Join Date: Jan 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? I just turned in a loan mod request on a Freddie Mac rental on May 5th. It looks like your hardship might not only be geographic but financial: the rental property does not cash flow. I don't know what Freddie Mac's policy is on rentals.

10-13-2009, 01:15 PM	#3 (permalink)
lasvegash Member Join Date: Oct 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? Just curious...did either of you get the modification

10-14-2009, 08:46 PM	#4 (permalink)
ajatkinsaz Member Join Date: Apr 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? No luck in getting modified on the citimortg /freddie mac loan. Was put on trial payents for MAH but denied since it is no longer my primary residence. Then on top of being denied, they wanted the $455.00 / month difference while on trial period plus late fees for 2 monhts, and fees for having them drive by the property to check it out a few times. Many hours spent on the phone....got them to spread out the pain...payments for 1 year but that shows on my credit now, as did being on the trial period. I couldn't get a Lowes card whil on the first month of the MAH trial period. FYI

10-14-2009, 09:06 PM	#5 (permalink)
lasvegash Member Join Date: Oct 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? Sorry to hear that. I am contemplating requesting a loan mod on my rental, but after discovering this site I really don't know if it is even worth it. I don't think I have seen one successful rental prop loan mod....are you going to try again?

10-14-2009, 10:12 PM	#6 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,143 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? No rentals qualify under HAMP your totally at the mercy of servicer for inhouse deal.

10-26-2009, 11:16 PM	#7 (permalink)
lasvegash Member Join Date: Oct 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMort / Freddie Rental Mod ? Have you heard of any in-house mods from BOA/Freddie Mac rentals?

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