Any chance rentals will get mods? - Loan Modification Forum

lecia11 · 07-22-2009, 08:49 AM

I keep reading on these forums people who are getting great modifications on their primary homes. It's really frustrating since I got the crappy 5-year interest-only modification that keeps me afloat but doesn't help me pay down any principle. I have e-mailed everybody at CW/BofA, and I get the same answer: We are not modifying rental properties. Does anyone see this changing? Although my loan is current, I am really struggling. If I can't pay down some principle, I feel like I will never be able to sell my property. I don't get the "We don't care about people with rental properties" statement they seem to be conveying.

Evan Bedard · 07-22-2009, 10:46 AM

Hi lecia11,

[QUOTE][I keep reading on these forums people who are getting great modifications on their primary homes. It's really frustrating since I got the crappy 5-year interest-only modification that keeps me afloat but doesn't help me pay down any principle. I have e-mailed everybody at CW/BofA, and I get the same answer: We are not modifying rental properties. Does anyone see this changing? Although my loan is current, I am really struggling. If I can't pay down some principle, I feel like I will never be able to sell my property. I don't get the "We don't care about people with rental properties" statement they seem to be conveying. /QUOTE]

From my personal experience working with CW modifications on rental properties are definetely possible but a lot harder to achieve then on your primary residence. This process will most likely take much longer and consume hours and hours of calling your lender and speaking with different reps. I have seen this process take anywhere from a couple months to an entire year. Just stick in there and dont give up!

lecia11 · 07-24-2009, 11:18 AM

I've tried and tried to get a modification. I have been told by everyone at CW that they are no longer modifying rentals. Period. I e-mailed Barbara Desoer, and I got a call back just like everyone else. Then I got my financials taken (yep, went through all that trouble) and was told (on 3 separate occasions) that since it's a rental, there is nothing they can do for me.

07-22-2009, 08:49 AM	#1 (permalink)
lecia11 Senior Member Join Date: Mar 2008 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any chance rentals will get mods? I keep reading on these forums people who are getting great modifications on their primary homes. It's really frustrating since I got the crappy 5-year interest-only modification that keeps me afloat but doesn't help me pay down any principle. I have e-mailed everybody at CW/BofA, and I get the same answer: We are not modifying rental properties. Does anyone see this changing? Although my loan is current, I am really struggling. If I can't pay down some principle, I feel like I will never be able to sell my property. I don't get the "We don't care about people with rental properties" statement they seem to be conveying.

07-22-2009, 10:46 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any chance rentals will get mods? Hi lecia11, [QUOTE][I keep reading on these forums people who are getting great modifications on their primary homes. It's really frustrating since I got the crappy 5-year interest-only modification that keeps me afloat but doesn't help me pay down any principle. I have e-mailed everybody at CW/BofA, and I get the same answer: We are not modifying rental properties. Does anyone see this changing? Although my loan is current, I am really struggling. If I can't pay down some principle, I feel like I will never be able to sell my property. I don't get the "We don't care about people with rental properties" statement they seem to be conveying. /QUOTE] From my personal experience working with CW modifications on rental properties are definetely possible but a lot harder to achieve then on your primary residence. This process will most likely take much longer and consume hours and hours of calling your lender and speaking with different reps. I have seen this process take anywhere from a couple months to an entire year. Just stick in there and dont give up! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-24-2009, 11:18 AM	#3 (permalink)
lecia11 Senior Member Join Date: Mar 2008 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any chance rentals will get mods? I've tried and tried to get a modification. I have been told by everyone at CW that they are no longer modifying rentals. Period. I e-mailed Barbara Desoer, and I got a call back just like everyone else. Then I got my financials taken (yep, went through all that trouble) and was told (on 3 separate occasions) that since it's a rental, there is nothing they can do for me.

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