Can I Modify Mortgages On A Primary Residence And 3 Rentals All With PNC?

by Rob
(Folsom CA)

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.

I'm self employed, my wife works part time. We have no debt other than these mortgages, no lines of credit, 800 credit score. My income is down as I am a real estate appraiser.

Can I modify all 4 homes or 3 rentals to get positive cash flow ? Thx

Mortgage Loan Modification Answer:

by Loan Modification Expert - Dan North

Your 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 Department

Since 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.