Refinance, loan modification - investment property..Suggestions?

Hi Brownstoners- We have a four family rental property in Bed-Stuy that has a 10 year interest only for 10 years, which ends in approximately 3 years (when we will need to start paying down the principlel). The loan was with Indy Mac, now with One West. Our interest rate is 7.25\. I called and asked if we were eligible for a loan modification or refiance, and the person on the phone was so unhelpful/negative. Our credit scores are about 650 (lots of student loan debt, etc). Any suggestions of next steps? Resources, helpful brokers?  Many thanks! Cat in Crown Heights

greencat

in Mortgage 12 years and 10 months ago

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vthatcher | 12 years and 10 months ago

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Fee free to give me a call and I would be happy to see if there are options.  Need more info on income/assets.     Vanessa Thatcher Senior Loan Officer NMLS# 41404    Atlantic Home Capital 4175 Veterans Memorial Hwy Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113     Website: www.atlantichomecapital.com  You can catch me in the directory at www.Brownstoner.com   & www.montauk-online.com

reader718 | 12 years and 10 months ago

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Investment properties are eligible for refiancing under the HARP guidelines.   The loan has to have been sold to either Freddie or Fannie prior to April 2009, there are multiple  other rules and regs, but they are looser than two years ago.  You could give the office a call to discuss your options, my husband is a mortgage broker. He is Bob Hochberg at 212-292-4507.

callalily | 12 years and 10 months ago

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I am no expert in refinancing but I believe you should speak to a mortgage broker, not to the bank that holds your mortgage. They have nothing to do with it.

reader718 | 12 years and 10 months ago

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Are you asking if you are eligible for one of the governments refi relief programs, which may have relaxed guidelines?  Or are you asking in general if you can do a refiance with them?

Bklnite | 12 years and 10 months ago

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If you refi I think you should be able to get a 30 (or 15) year term and a rate a couple of points lower which will be great for you. Not so much for the lender getting prepaid on the loan paying 7.25%, which may be why they’re not jumping to help you. I’d suggest one of the brokers who gets good recommendations here, like the above poster, or Norman Calvo @ Universal Mortgage (who I’ve used & recommend), or Vanessa Thatcher @ Atlantic Home Capital, or Adam Dahill @ WCS, or Manhattan Mortgage.

nostrandgirl | 12 years and 10 months ago

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I strongly suggest you contact Adam Roberts at South Shore Mortgage.  I have my primary residence and five 3-4 family investment properties w/ similar credit situation.   Adam has been my mortgage broker forever and his background is in Underwriting as well as Loan Origination.  He processes everything personally so no passing off to a Processing Center, which makes him very efficient too.  He has been in the mortgage industry 20 years and I cannot say enough about him and his integrity.  Definitely worth contacting him.  His number is 631-956-0111  x218, or adamr@fast2fund.com

ejalbk | 12 years and 10 months ago

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Is the property cash flow positive?