Loan Modifications For Investment Properties

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Do you have rental or investment properties that are causing a financial difficulty for you? Are the payments too high due to adjustable rates or do you owe more than the property is currently worth? An investment property loan modification is an option that may provide the help you need. Here is some helpful information that you may be able to use when speaking with your lender.

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The fact is that as the market continues to deteriorate, lenders have become more and more willing to modify loans on all types of properties. While some of the government subsidized programs are targeted at primary residences, many other programs are available to investors. After all, when renters are evicted by the bank and properties are left vacant, it hurts the already decimated housing market and costs the banks millions of dollars. Whenever it makes sense for the lender, they will modify the terms of an investment property to keep the loan performing.

The trick to getting a loan modification on an investment property is proving to the lender that it will cost them less money over the long run to modify the loan instead of foreclosing. How do you do this simply and clearly? The first step is determining the approximately market value of the property-if the loan balance is higher than what it could reasonably sell for, you have some leverage. Secondly, if the rents do not cover the current loan expenses and the property has a negative cash flow, use a form called a Rental Schedule to prove this to the lender. You can also show how a new modified payment would cure this problem.

Keep in mind that your lender is a debt collector and anything you say or give them can and will be used either for or against you. Many borrowers contact their bank to apply for an investment property loan modification before they take the time to learn and prepare. It is critical to prepare your budget, financial statement and rental schedule before you speak with your lender. This way you have time to fine tune it, make any changes and be sure that it will meet the approval guidelines. Do not contact your lender until you know what you are talking about. Investing just a couple of hours of your time now could mean the difference between getting help or being denied.

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