[quote=sdrealtor]Before the lynch mob gets any further out of hand, all the mods I have seen and heard about are for primary residences not rental properties.
The mod example I provided was for my friends 10+ yr primary residence not a rental property. I said he could rent it out not that he would. Its his home and he will stay there though he has and may take in a roomate. The modification is allowing him a couple years to get back on his feet and he is well on his way. In the end after a few years of interest rate subsidy he will eventually have to pay back the entire principal of the loan. It was a good deal for all as they do a NPV calculation to make sure of that. If it wasnt the lender wouldnt have done it.
HAMP modifications are for 5 years at a low start rate increasing 1% per year until reaching the current market today they are qualifying under.[/quote]
I wasn’t sure if it was you or not (hence the ?), but somebody here told us about someone with mutiple rentals that are now all cashflow positive. I’ve also seen posts on other blogs with the same types of stories.
You’ve got to admit, sdr, it would be difficult not to be frustrated if you were in the same shoes as JP and I. Your perspective is different, so you don’t mind the games as much. For us, it stinks! 🙁
