Posted on: 18th Sep, 2010 02:19 pm
i bought this condo in 2001 as my primary residence and lived there until 2007.
i was placed on disability in 2007 and moved to my home in another state. at that time, my daughter was recently divorced, had no money and had filed for bankruptcy. she needed a place to live in va since her job was there. she could not rent an apartment because of her bad credit.
therefore, i agreed to rent out my condo to her. since my loan was an arm and a subprime loan at that, y rate keeps adjusting and so do my payments.
because of this hardship, i am very much in need of a loan modification on this property. my question is this: are loan modifications available on rental properties?
i was placed on disability in 2007 and moved to my home in another state. at that time, my daughter was recently divorced, had no money and had filed for bankruptcy. she needed a place to live in va since her job was there. she could not rent an apartment because of her bad credit.
therefore, i agreed to rent out my condo to her. since my loan was an arm and a subprime loan at that, y rate keeps adjusting and so do my payments.
because of this hardship, i am very much in need of a loan modification on this property. my question is this: are loan modifications available on rental properties?
Hi b_belanger,
It will be completely the lender's discretion whether or not he will give you a loan modification for your rental property. You should immediately contact your lender and apply for it. The lender will go through your situation and let you know whether or not he would consider your request.
Thanks
It will be completely the lender's discretion whether or not he will give you a loan modification for your rental property. You should immediately contact your lender and apply for it. The lender will go through your situation and let you know whether or not he would consider your request.
Thanks