I am in trouble

[tomser]

hello folks need some help

I have 3 homes. one is primary and two are rental

I am trying to get HAMP loan mod for my primary only with two other rental. My question to you is that in order to loan mod and to save for the primary ,the HAMP, you have to sell or get ride of the two other rental otherwise lend won approve??? I submitted the loan mod ,and the two rentals are in the market for sale and in the process of requesting short sale approval after I have buyer. The lender insist me to show rent agreement and income and expenses. if they include rental into primary for financial calculation obviously I am not qualified. My loan is current and will be default this month due to higher rest rate from interst only loan to higher rate to $1800 t0 $ 2600--
should I sell two rental first then primary?? it takes forever and no buyer and may be the HAMP program expires

so how do I go by this situation.
need help
thanks

[MyHAMP]

Originally Posted by tomser

hello folks need some help

I have 3 homes. one is primary and two are rental

I am trying to get HAMP loan mod for my primary only with two other rental. My question to you is that in order to loan mod and to save for the primary ,the HAMP, you have to sell or get ride of the two other rental otherwise lend won approve??? I submitted the loan mod ,and the two rentals are in the market for sale and in the process of requesting short sale approval after I have buyer. The lender insist me to show rent agreement and income and expenses. if they include rental into primary for financial calculation obviously I am not qualified. My loan is current and will be default this month due to higher rest rate from interst only loan to higher rate to $1800 t0 $ 2600--
should I sell two rental first then primary?? it takes forever and no buyer and may be the HAMP program expires

so how do I go by this situation.
need help
thanks

Well, they consider the rental income for HAMP, but they also have to consider your expenses for these properties - like the mortgages you are paying. Simply owning these properties doesn't automatically disqualify you from HAMP.

And the HAMP just started so you are not in a rush.

[davephx]

And they only take into account 75% of the rental income but all your expenses