Loan Modification for multiple rental properties

[t2weati]

Hopingtofind, maybe your husband can call BofA and have them add you as an authorized person they can speak with. If you have more time than your husband to do the follow-ups then maybe this would be more efficient. Our loan with Mutual of Omaha/First Nat. Bank of AZ, is under my husband's name only. He gave verbal authorization for them to speak with me because he's way too busy to make these follow-up calls.

I'll definitely post the updates of my mods!

[HopingtoFind]

Thanks t2weati, at this point he tries to call every day, he just didn't think it was important...

[t2weati]

I just found out that the investor on one of my loans is a "Private REMIC". Does anyone know what or who that is? Does anyone know if they allow Loan Modifications?

[t2weati]

Here is an update on my loans with Mutual of Omaha (for the FDIC) who took over GreenPoint Mortgage. They approved my loan modifications!!!! I have 2 rentals with them: one in California (8.75%-1st and 12.25%-2nd) and one in Oregon (7.875%-1st and 13%-2nd). For all 4 loans, they gave me 6% fixed Principle & Interest for the life of the loan with a 1 month deferral (no need to make a January payment). The total monthly savings is $857.00 and I did not have to be late on any payments for them to approve it!

FYI, for anyone who's loan is being held/handled by the FDIC for a bank that has closed, the FDIC will stop Loan Modifications on January 16th because another investor will be buying those loans from the government. This is what my Mutual of Omaha modification analyst told me.

This is going to be a Merry Christmas indeed!!!!

[Moe Bedard]

Congratulations!! That is a great gift!

[HopingtoFind]

Great Job! Happy for You! Enjoy your holidays.

[t2weati]

OOPS....Correction: My approved Loan Mods were with Mutual of Omaha (for the FDIC) who took over First National Bank of Arizona, NOT GreenPoint Mortgage.

I have so many loans that I got them confused!

[t2weati]

Hopingtofind.... any updates on your mods? How is Chase coming along? I've left 2 voicemail messages with my Chase anlayst (Dee Kumnegere) and she never returns my calls. I called Chase Customer Service today and they said it can take up to 45 days from the time an analyst is assigned to review my information. 45 days will be Feb. 1st and Customer Service can't "escalate" anything until the 45 days passes. I guess I'll just have to sit and wait on this...in the meantime I would have liked to fax my supporting documents over to cut back on the processing time, but until I talk with the Analyst, I don't have a fax number.

3 out of my 4 Countrywide rental loans is under review for a loan mod right now. I'm crossing all fingers and toes that all goes well!!! I was assigned an analyst who seems to be responsive and really on top of things.

[HopingtoFind]

Hi t2weati,

Our analyst contacted us yesterday with the offer, they will reduce our rate from 6.37% interest only to 4.37% 40 year fixed.
Our payment would stay the same because at this point we are paying interest, principle and insurance + taxes are now rolled into our payments.
She told me not to make January and February payments and that they will report it as late and then correct it once the mod is finalized.. I do have a problem with this part... so will see.. She said we should get the documents in couple of weeks.

I couldn't get in touch with my analyst since mid December and finally left her a message that I will have to escalate if she doesn't call back.. It might have worked. It has been 2.5 months since we started.

We did get a mod on one of our HELOCs with BofA, for 2 years.. and currently working on a 1st with an analyst also with BofA.

The rest are still in progress.. If you would like more detail you can look up my threads... Best of luck on your mods.

[t2weati]

Wow! Congratulations! I am so happy for you! Hopefully you can get Chase to put it in writing that they will correct your credit report once the mod is finalized...even if the analyst could write it in an email, it may protect you. Once again, congratulations! Keep on fighting!

[HopingtoFind]

Thank You! Every bit helps. But you know how it is they never want to put anything in writing... Hope yours goes fast!

[butacska]

Hello, I am curios if there is any more update on the loan mod with PHH?
Congrats to your previous success

Marie

[t2weati]

Butacska, PHH denied my request for a loan modification. I never did speak to my negotiator, but instead I was mailed a letter that stated I was denied because there was sufficient income to make the payments. Even though my monthly surplus after all expenses are paid is $150/month, there is a cashflow on the rental property of about $300/month and I think this is why I was denied. They probably figure I won't let a positive cashflow property go into foreclosure (and they are right). It did take up to 5 months for me to get an answer from the negotiator assigned to my files, so hang in there.

[butacska]

Thank you for your reply, I appreciate it.

Our situation is :
Current on both, 1st plus 2nd $2400 together, plus $150 on a credit card, these are the expenses, $4000 gross income, (so DTI is 64), have savings but every month we put ~$600 from it towards the mortgage/bills. house was 300K at purchase 80/20, 0 down, 30 fix, 6.8% and 9.3% now it worth 100K. primary residence. hardship: complete loss of income from the business, so now only this $4000 left...

What do you guys think the chances are?

[paigowman]

Hello,

With regards to upside down investment properties, is there a strategy on which solution to use -- loan modification or short refinance and/or HELOC settlement? Are there any other options?

I have a first and second (HELOC used for purchase) and both interest only w/ Bank of America. Both loans used to be with Countrywide. How do I find out who the investor(s) is/are? Will they request income and bank statements?

Details:
1st 248K
2nd HELOC 62K

Purchase price: $310K
Appraised value: $195K

Latest comps: $130K-160K

Rental income is good. Rents have dropped by 20%. I was positive cash flow first year 2007. Last year was negative $8K. This year probably 6-8K plus I have to pay back $7K I put on CC for 2008 taxes. Tired of losing money...

Sorry so many details -- I've been reading all these boards every night and am hopeful -- just don't know where to start and I want to make sure I have a good game plan!!

Thanks,
Alex

[jandalco]

Thank you all for everything that I've been reading so far. This is the first ray of hope that anyone has said to me about my rental properties!!
I finally found a local lawyer and will be calling Monday to start the process.

Question: Is the lender looking at ALL my income on ALL the properties (and expenses, of course) or is each lender only going to look at THEIR property and the income/expenses from it? I read details that one person was kind enough to provide that the lender wants me to have some surplus money (haha). Do they want that surplus from everything in together or just on their property?

[classicgk]

From my own experience each lender only thinks of his rental property plus your home. The lender assumes that your other rental properties - with their lenders - is someone else's problem. Maybe it is otherwise if those other rental properties are CASH FLOWIN POSITIVE