Rentals in Poulsbo>Question Details

Tracerx1969, Home Owner in Poulsbo, WA

I have a rental that is upside down & the rent is only paying about 70% of the mortgage pmt. Can I get a loan remodification on non owner?

Asked by Tracerx1969, Poulsbo, WA Tue Mar 1, 2011

occupied?

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7
Unfortunately No! Lenders don't give a damn about non owner occupied.
If you want out of this cycle your best best is a short sale.
Call us about this 360-265-2777.
Mike & Sandi Nelson
Web Reference: http://www.mikeandsandi.com
1 vote Thank Flag Link Tue Mar 1, 2011
very small percent of homeowner actually approved for loan mod ... investor -> zero chance.
1 vote Thank Flag Link Tue Mar 1, 2011
do you know if the loan might be eligible for MHA or HAMP program ? have you checked to see if the present loan is a " FREDDIE" or FNMA " loan ?

see http://www.makinghomeaffordable.gov/Pages/default.aspx

Have you contracted the present lender to see what they might be able to offer ?
0 votes Thank Flag Link Wed Mar 2, 2011
Not very likely! They do not care. The best thing to do is to do a short sale in all probability. If you want more information, go to my short sale blog at http://www.BellevueShortSaleClog.com & you will find a lot of information that will help you make a decision. If you then need to consult, fee free to contact me.

Good luck whateverr you do.
0 votes Thank Flag Link Tue Mar 1, 2011
You may have greater rights to modify a mortgage against a non-owner occupied house in Chapter 13. You'd need to consult a bankruptcy attorney about that.
0 votes Thank Flag Link Tue Mar 1, 2011
Mike and Sany are very right. I have included a website below that will help answer any and all questions you may have. I know you are not going through foreclosure but this is a great reference site for questions on Short Sales. Great question!
Penny
0 votes Thank Flag Link Tue Mar 1, 2011
Dear Tracer;

Yes you can. It is possible, but not nearly as readily available as modifications on owner occupied properties. I have clients here in Bellingham that have recently had the same scenario you're describing and they have successfully modified their non-owner occupied loan. It is all up to the lender, however. I would contact their "loss-mitigation" department and proceed from there.

Good Luck
0 votes Thank Flag Link Tue Mar 1, 2011
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