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Author Topic: Loan Modification on an Investment Property Loan  (Read 6664 times)

Offline zhunzi

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Loan Modification on an Investment Property Loan
« on: March 25, 2009, 03:45:06 pm »
Has anyone had any success with a loan modification for an investor loan on an investment property?  I was listening to an Jason Hartman podcast and he said he was able to do it with his lender, but didn't give any specifics. 
He doesn't give any specifics, which of course leaves me doing a lot of research.  If other's have had success, then maybe I need to go down the path of digging.  I've got 2 loans with Wellsfargo that might qualify.

Thanks,

Daniel
« Last Edit: March 25, 2009, 05:30:40 pm by Mdhaas »

Offline Gold River

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Re: Loan Modification on an Investment Property Loan
« Reply #1 on: March 26, 2009, 01:03:52 am »
I would think it is reasonable to assume lenders would modify a loan written before or during the current credit crunch, especially if it is a ARM loan.

If it's a refinance you seek and this is FHA, the newest program just through congress should allow you to refinance an FHA loan for 103% of your mortgage reguardless of equity.

A 1% difference of interest rate could lower payments by hundreds of dollars, saving a lot of property owners from going under.

As an investor and if this is a rented property, you might also consider doing an equity share deal with an investor or someone who could use the write-offs in exchange for half of the ownership.

This party could make the negative amount of your loan!!!

Just a way to cover the negative until the market turns around. Your accountant may know a wealthy member of your community needing some additional write off's!

Offline christopher w

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Re: Loan Modification on an Investment Property Loan
« Reply #2 on: March 26, 2009, 09:04:33 am »
Gold River,

I am not familiar with the FHA 103% change. Could you post a link? I have looked around and I cannot seem to find any information.
Christopher W
C-214.923.5781

Offline Gold River

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Re: Loan Modification on an Investment Property Loan
« Reply #3 on: March 27, 2009, 01:00:19 am »
It was just on the news last week, probable will not be set as a program I here for 6 to 8 weeks, I will continue to watch for a official web address or media statement in regards to the program.

Offline bosshaug

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Re: Loan Modification on an Investment Property Loan
« Reply #4 on: March 27, 2009, 09:40:26 pm »
I think you may be mistaken about the refi opportunity through the Making Home Affordable Program.  The program is proposing a refi for Fannie Mae owned loans up to 105%, possibly without an appraisal requirement.

It is supposed to go into effect the weekend of April 4th, but I don't see PMI companies backing this plan.
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Offline InvestorRelations

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Re: Loan Modification on an Investment Property Loan
« Reply #5 on: March 29, 2009, 04:55:40 pm »
Here are the websites for you to check.  They have several different programs at this time and coming up on April 4th.  www.fanniemae.com, www.freddiemac.com, e-fannie.com. 
« Last Edit: March 29, 2009, 05:16:39 pm by Mdhaas »

Offline gregandandrea

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Re: Loan Modification on an Investment Property Loan
« Reply #6 on: April 21, 2009, 11:19:39 am »
There is a difference between Loan Modification and Re-Finance. If you are looking to do a true loan modification you will need to be able to show the bank some sort of hardship like reduction in pay, family loss, etc. If you have an ARM loan or owe more than the properties are worth (which may not be the case since they investment properties) then you would also qualify. High debt to income ratio can also help make your case for you.

Thanks,

Greg Garcia
http://www.hginvestmentgroup.com
Offering fast solutions for the homeowner. Find out if loan modification is right for you with our FREE Forensic Loan Audit!

Offline bigg

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Re: Loan Modification on an Investment Property Loan
« Reply #7 on: May 16, 2009, 04:59:42 pm »
daniel, i also have 2 loans with wf and have an appt with an attorney to discuss options
modification, foreclosure......
after researching i think the best option for both parties is modification. not sure which way attorney will advise.
I can't believe wf would want to deal with this if we are willing to repay on adjusted terms

keep you posted


 




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