Help W/ Loan Modification In Investment Property

[mac71]

My husband and I bought an investment condo last year using only my credit, but of course he participates in all payments and expenses. The fixed rate portion is about to expire, and we're looking into a Loan Modificiation with Wamu, but've been told that when is an investment property, the banks are not really helping. Still we would like to send the paper work...
With the application on hand already, we're not really sure how to fill it out; since he (my husband) doesn't appear as a borrower in the loan. How can I include his income and expenses in this application?
Any sugestions are really appreciated. I'm glad I found this site.
Regards

[schwefls]

Hi Mac71 welcome to our forum:

I wanted to stop in say hello. Shortly someone will be reaching out to with some sound advice/suggestions.

[Moe Bedard]

Hi mac71,

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

As far as the income goes..........they will require you to use household income versus household expense..........regardless of who is on the loan..........
Some lender are not modifying investment properties so you will have to check with WAMU for this to see if the investor on your loan is allowing investment property modifications.....

Here are two ways to make contact with them.............
Hope this helps...........
Please keep us posted on your progress.........

Washington Mutual
Loss Mitigation
1-877-533-8960

[ForeclosureCoach]

Persistance is the key to achieving your modification goal. The lenders are very aware of the problems with investment properties. They are modifiying loans that fit into the guidelines. But as an investor you want to have your exit stratigies just in case you can’t get loan modify. I suggest you consider the following. Short Sale, Deed-in –Lieu, or Lease Option. If you would like to speak with me in person please call number below.....

Example –Expenses
Mortgage = $1300.00 Auto #1 = $230.00
Insurance = $76.00 Personal Loan = $295.00
Credit Card #1 = $121.00 Credit Card #2 = $56.00
Student Loan = $50.00 Groceries = $450.00
Clothing = $200.00 Haircuts = $40.00
Gas = $81.00 Water = $26.00
Electric = $57.00 Trash = $18.00
Cell Phone = $120.00 Internet = $40.00
Cable = $90.00 Auto Fuel = $200.00
Kids Activities = $60.00 Lottery = $20.00
Total Expenses $3530.00

[mac71]

Thank you for taking the time and send us your suggestions... I'm a little confused with this whole process... May be if I give you a little more details we can narrow my choices. The condo is currently rented. But this amount doesn't cover the mortgage payment; keeping in mine we're only paying minimum; we still have to put money out of our pockets to send the payment. In a couple of month the fix rate will expire and the loan amount will be unpredictable. My main goal is to “get rid off” (Sell if possible) this condo with the least damage possible to my credit. We have never been late in any payments.
I see that one of the options you're giving me is a "Deed-in Lieu"... how does that work????? I know about the short sale... just wanted to have all possible details clear to be able to make an informed decision.

I greatly appreciate your help with this...
Regards.

[ForeclosureCoach]

Mac71 were is your property located? Every state have different foreclosure law either judicial or non-judicial .Be sure to research your states guidelines. A Deed in Lieu of Foreclosure is a Deed in which you convey your property to lender instead of (in lieu of) your lender continuing the foreclosure . Most lender may require that the home be listed for a set period of time usually 3 months. I hope this info helps you. Remember keep your problem in proper perspective and this too will come to pass....... FC

[mac71]

The property is in the state of florida and the loan has a pre-payment penalty of 3 years, which I've been told that the bank will not modify my loan until this period expires....... This is a little more complicated than I can understand.... I'm thinking in hiring a lawyer to help me with my options.....