Can I Modify Mortgages On A Primary Residence And 3 Rentals All With PNC?
by Rob
My primary residence is worth 700k with a 290k note, 30 yr fixed , and 3 rental properties with negative cash flow, 30 year fixed notes, all 1st mortgages with PNC, no 2nd mortgages. The rentals are worth less than I paid for them. Mortgage Loan Modification Answer:by Loan Modification Expert - Dan NorthYour primary residence is eligible for the Making Home Affordable Modification Program if your mortgage payment is greater than 31% of your gross income from your work. Rental income would not be figured into that gross income figure. Reduced income from your business is valid for hardship. Your rental properties can be modified but not under the Making Home Affordable Modification Program. Even if you are not eligible for HAMP on your primary residence, you can request a loan modification on all 4 properties in one modification submission outside of the Government Program. Negotiate All Loan Modifications Together With The PNC Loss Mitigation DepartmentSince all your mortgages are with PNC it will make negotiation easier to modify all mortgages together with one Loss Mitigation Officer from the PNC Loss Mitigation Department. That would be part of your request and all should be submitted as one package for loan modification. You would need to figure out what your monthly mortgage payments would have to be on each rental property to be a positive cash flow as the target monthly mortgage payment on each. That would be the modified payment that you would ask the PNC Loss Mitigation Department for on each property. Complete the Pre-Qualify for Hardship Loan Modification Form for each property and we can find out what PNC will accept as a modified payment. I have a negotiator I work with that specializes in investment property loan modifications. Return to top of Can I Modify Mortgages On A Primary Residence And 3 Rentals All With PNC? Click here to post comments. Ask Your Own Mortgage Loan Modification Questions Pre-Qualify for FasTrac Hardship Loan Modification Free pre-qualifying for FasTrac Hardship Loan Modification. No charge to find out if you qualify and what modification you qualify for. See more Mortgage Loan Modification questions and answers like - Can I Modify Mortgages On A Primary Residence And 3 Rentals All With PNC? Where To Go From Here With PNC / National City Can Chase Still Foreclose While In A Trial Modification? Bank Of America Trial Loan Modification Offered But Payments Increased Should I Stop Paying My BOA Mortgage If Turned Down By Bank Of America for Loan Modification? Indymac Bank Wants A Profit And Loss Statement More Recent Than Last Month When Should I Stop Trying To Modify My Loan With Wells Fargo? Citi Bank Said I Qualify For Loan Modification, Can I Ask For Reduced Interest Rate? Chase Loan Modification Agreement Increases My Payment By $1300 I Requested Loan Modification But Chase Increased My Monthly Payment Starting A Trial Loan Modification With Chase Bank On An Upside Down Mortgage Loan Modification Home | Mortgage Modifications | Loan Modification calculator
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