
Originally Posted by
skideeppow
I dont want a loan mod, i just want to refi at the lower rates that are availalbe. I could get down to at least 4 7/8 on an investment prop right now. But because the prop is not more than 30% owner occupied, no one will do it. I'm saying, if i stop making payments after three missed months i will probably qualify for a loan mod? Does that make sense?
The problem is FNMA rules for investment (NOO) properties is the project needs to be at least 51% owner occupied to get a new N/O/O loan. That said, the low owner occupancy of the project has you over a barrel. I would contact the bank servicing your loan. If your lucky, it is one of the big guys (Wells, Citi, Chase) and if you bitch far enough up the line of command maybe they will mod the loan, as that is your only option unless there is a portfolio lender out there that will do the loan with no intention of selling it to FNMA. That would likely be an ARM program, but maybe a 7 year fixed ARM would make sense for you. In CA, I would try Union Bank or US Bank and see what happens.
Good luck
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