Financing in Hauula>Question Details

Jim S, Both Buyer and Seller in San Jose, CA

Loan modifications for rentals

Asked by Jim S, San Jose, CA Tue Jul 12, 2011

Hello Trulia friends,

I have an old and rusty option ARM that is treating me well at 3.125%. I never neg am'd the loan so I am ok. I called my bank and they informed me that they are now modifying rentals. Is that true? I could hardly believe it.

Thank you,

Jim

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You can do a making home affordable refinance on a non-owner occupied home, so it's not too far-fetched to think that lenders would be willing to modify rentals. I suspect the rate they offer may not be as low as 3.125% though, which is one part of the reason they may be willing to modify.
0 votes Thank Flag Link Wed Jul 13, 2011
Jim,

Most lenders have their own loan modification programs available to their borrowers. The lender set their own requirements to participate in their various programs. One of the criteria may be whether the loan is on a primary residence or an investment property (a rental). It sounds like your bank has a loan modification program for loans on investment properties.
Web Reference: http://www.bkjgroup.com
0 votes Thank Flag Link Tue Jul 12, 2011
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