Asked by Shannon, Antioch, TN • Thu Dec 31, 2009
I have an investment property with no Equity. I bought the house no money down and it has decreased in value by 20k. The loan is set to reset in March of 2012. I contact the lender Aurora loan services and they said they offered different modifications for investors. Just because they offer it doesn't mean they will modify a loan. I have been on time with payments and do not want to lose my property and mess up my credit score. However, local rent rates will not cover my loan reset, because my rent isn't covering all of the mortgage now. I was given a pay cut and I am struggling to hold on to my primary home. I had to lower rent to find renters because of the economy.
Wouldn't it be in Aurora's best interest to modify my loan so that I can hold on and continue payments since the house is underwater and I have nothing invested.
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