Posted on: 21st May, 2009 05:02 am
i have 3 properties and would like to be able to modify all 3 mortgages each has a second mortgage...i have 3 properties and want to modify all 3 loans. what do you suggest when i apply for loan modification to show 3 homes or 1 home at a time to the 3 diff lenders. if my note is 7000 a month and right now i can afford to pay 5000, would i qualify for a loan modification and would the lending company modify my loan to the 5000 amount that i can afford? to pay each month? please reply as soon as you can, time is running out. thank you, guy
Hi whodaguy!
Welcome to forums!
You will have to show the 3 homes as your separate properties and not as 1 single home. As far as the loan modification is concerned, it depends upon the discretion of the lender to accept your request. You'll have to inform your lender about your hardship. He will judge your situation and then let you know whether your request will be accepted or not.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You will have to show the 3 homes as your separate properties and not as 1 single home. As far as the loan modification is concerned, it depends upon the discretion of the lender to accept your request. You'll have to inform your lender about your hardship. He will judge your situation and then let you know whether your request will be accepted or not.
Feel free to ask if you have further queries.
Sussane
whodaguy, ;lender are more willing to help on mortgaes on primary residence. if your second and third house is an investment home, then you have smaller chances on those.
Try to submit fo all the three, probably you may end of gettign modification on one.
Try to submit fo all the three, probably you may end of gettign modification on one.
I thinK you can go for different lenders for modification loan.
It may help you.
It may help you.