Traditional Loan Modifications on Rental Properties

by Anonymous

Can a person apply for a Traditional Loan Modification if the property being modified is currently being rented?

Mortgage Modification Answer:

Yes, you can apply to get your rental property modified. There have been many instances where rental property owners have successfully gotten their rental property loans modified.

The main criteria with investment properties is if the rental income cannot support the monthly mortgage payments, and if foreclosure would be more detrimental to the lender's bottom line than if they agreed to a loan modification.

If you would like to go further and see if your rental property would qualify for a loan modification, go to the pre-qual page and fill out the short form. A qualified analyst will contact you to discuss your chances. No obligation to sign up is necessary, and you will know what your chances are.

All the best to you!