Do I have to miss at least 2 mortgage payments before the mortgage companies are willing to renegotiate?
I have a primary residence that is privately financed by the owner. The houses that I want to negotiate the terms of the loan such as lowering interest rates are my 3 rental properties. All 3 of the rental properties are financed through Bank of America (originally done by Countrywide).
Yes you can modifiy investment properties – I have two homeowners (FL and CT) currently doing modifications.
The client in Florida (owns 3 homes) almost completed after four months, saved homes from forclosure and lowered his payment on all three homes. He did have to pay back taxes and insurance, also he has to make four payments before the mod is final. Lenders are AMC and Saxon,
The other homeowner in CT (owes 4 homes – modifing 3), lenders are Home Eq, Wels Fargo and Countrywide.
At first CW said they would not approve a modification. After a waiting game, then said they wanted to see the results of the other two modifications, to see how much of a cushion the homeowner would have.
Currently – have two properties done, now negoicating with Countrywide on third property – not easy to negociate with.
As for qualifing for the OBama plan – many people do actually qualify for the program. You have to be in a hardship, however you cannot be late. Investment propertys do not qualify for the O Bama plan..
PM me if you have further questions.
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