Did anyone get investment property modified?

[mtg2008]

Hi,

Did anyone get investment property modified? Wumu/Chase denied my loan three times, and they told me B of A is the investor who denied loan.

Can any one give some suggestion? I am current with the mortgage. I guess because I am current, they think we can pay it and they do not need to modify the loan. I am thinking about stopping making the payment... Sad... Please help!

[yeswecan]

Good question and its just not being answered, huh? We are trying to get loans modified on investment properties (1 duplex, 1 triplex) and having, so far, no luck. I'd love to hear about somebody's success.

[cary_bouldin]

Trying for a forth time for a modification, the first three were current on the loan, this time the payment is now in excess of 3 mos behind, wrote to Barbara Desoers office at CW/BofA, they assigned another negotiator, she just took financials over the phone and some verbal statements and is using the other hardship letter and verifications from before. Said it will be up to the investor and the insurance to decide. After this, not trying again, I am not holding my breath.

[mtg2008]

I stopped making payment for June payment. Wamu/Chase called two days ago and asking if I can pay the payment on the phone. I told them " NO ". I will gather all the informaiton this weekend and have Fransen & Molinaro Law Firm review everything. Hopefully they will be able to help me, otherwise I might just do one more time myself. If they still deny my loan modi, i have to go with short sale.... The market in my area is not looking good, there are 3-4 short sale in our neighborhood. They used to sell for 600k-750k about 4 years ago, now down to 450-500k. It is horrible. I think it might be smart just go with short sale anyway. I feel the market is not getting any better, it is getting worse.

[fireflyer]

I requested assistance from Wells Fargo (via phone) in January '09 and February, but they said there was nothing they could do since my former home was now being rented out (i.e. an investment property vs. residence). I requested again on 6/8 and they said they were having so many losses that they were now willing to consider investment properties too. They said they would send me a packet in the mail.

On 6/20 I received their "packet", which was actually just a 1-pg letter telling me they must get my information by 6/24 to be considered. It said to fill out the enclosed application and return it & all the necessary documents to Wells Fargo. However, there WAS NO application, just the single letter.

Sigh, their offices are closed on weekends so I will call them on 6/22. But doesn't it seem pretty dumb of them to "forget" to enclose the application which was the reason for mailing me?

I have been taking cash advances on a credit card for the last 3 months in order to make the mortgage payment on this property, since the town (driven by natural gas industries) has gone bust and there are no renters around.

[Moe Bedard]

fireflyer,



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

They also have the application online as well here............
https://www.wellsfargo.com/mortgage/...estpaymenthelp