Any luck with Countrywide modifying investment property - Loan Modification Forum

wcajoni · 10-20-2008, 12:17 PM

Hello,

I posted under Countrywide, but didn't realize there was an investment section of this forum. My parents ARM adjust Jan 09 from 4.75% IO to 6.85% P&I. This changes the payment from $1026 to $1808 (which they cannot afford).

When they bought the property, it was purchased as owner occupied, however they do not currently live in the duplex. One side is rented, the other is vacant.

The value of the duplex has dropped from $425k (2006) to $230k and they owe $332k.

We want to apply for the modification loan or the retention program, but it only talks about owner occupied.

Any advice would be appreciated.

Justin S. · 10-21-2008, 02:48 PM

Hello wcajoni!

Countrywide does modify loans for investment properties. It just depends on certain factors such as the hardship and being able to demonstrate the ability to afford the home after the rate and payments are adjusted through the modification.

10-20-2008, 12:17 PM	#1 (permalink)
wcajoni Member Join Date: Oct 2008 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any luck with Countrywide modifying investment property Hello, I posted under Countrywide, but didn't realize there was an investment section of this forum. My parents ARM adjust Jan 09 from 4.75% IO to 6.85% P&I. This changes the payment from $1026 to $1808 (which they cannot afford). When they bought the property, it was purchased as owner occupied, however they do not currently live in the duplex. One side is rented, the other is vacant. The value of the duplex has dropped from $425k (2006) to $230k and they owe $332k. We want to apply for the modification loan or the retention program, but it only talks about owner occupied. Any advice would be appreciated.

10-21-2008, 02:48 PM	#2 (permalink)
Justin S. Member Join Date: Sep 2008 Location: Corona, Ca. Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Any luck with Countrywide modifying investment property Hello wcajoni! Countrywide does modify loans for investment properties. It just depends on certain factors such as the hardship and being able to demonstrate the ability to afford the home after the rate and payments are adjusted through the modification.

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