Are there any programs for investors that are upside down on their mortgages?

Posted on April 11

Question: Property is valued now at $40,000 & my loan is $140,000. I paid $186,000. Property is rented, but, does not pay full mortgage payment. If I short sale, I am told that, my other rental properties could have liens placed on them. Any options out there??

Unfortunately that property doesn’t seems like it was a very good purchase. If your current lender can’t/won’t make any adjustments, it looks like you’ll need to take a long term approach to this property. It’s important to note that, your current lender didn’t sign-on as a partner in your real estate business – all they did was agree to loan you the money you requested – just because the property value got killed, it’s not fair to expect they should participate in the loss.

One thought on “
Are there any programs for investors that are upside down on their mortgages?

  1. Attorneys can’t do any more than you. They call the same numbers and send the same paper work. You’ll just end up $3500 poorer. Chase is one of the worst. Employees of Chase openly admitted that they are told to give applicants that run-around. The number of people who get mods is staggeringly low. Recently, there was a piece in the news saying close to 50% of the people trying to get into the program drop out. Do you think that they suddenly lost interest in trying to keep their homes?

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