Early on Loan Mod

I had 8 rental properties I bought at one time.  all on a adejustable rate.  unfortunately 1 of the houses went into foreclorsure but it had pmi so the insurance company paid the loan off.  now I can’t refinance my primary house because or the foreclosure on my rental property. 

I have good credit except for that. 

Also, I am not sure, But I owe 310,000 on my house but I’m not sure it will appraise for that amount now especially here in Michigan. 

I don’t know what to do and my adjustable rate is up in MARCH OF 08

Kim

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Hi Kim,

The fact that a property will not “appraise for that amount now” bodes better than if there were hundreds of thousands in equity, when seeking a loan modification.  I also commend you for starting early.  Your reset is in March 2008. 

Watch our How To Avoid Foreclosure Seminar and you’ll know what steps to take to obtain your loan modification.

Thanks for the questions and hope this helps.

Paul