If you own a rental property (1-4 units) and the loan is held by Fannie Mae, you can potentially qualify for a Federal REFINANCE program (not a loan “modification”) even if you owe more than what the property is currently worth!
The program will allow a first mortgage up to 105% of current market value, COMBINED with a second mortgage up to 110% of current market value (IF, you already have a second mortgage…..NOT with a new second mortgage). This particular program also allows for you to own an unlimited number of financed properties!
Note: Your current lender has no motivation to help you out of a payment that they are quite happy to continue receiving. Currently, most lenders will not even consider a “modification” unless you are 90+ days past due AND it is your primary home.
If you think that you might fall within the basic parameters that I mentioned, or you would like help in evaluating potential options, give me a call!
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