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??

Answer:
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?
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  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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