are loan mods possible on a rental property?

Yes, it is possible to get a loan modification on your investment property. That being said, it could be just a little harder than it would be on a primary residence. I would immediately contact the bank and start the process. Let them tell you no or what is required to get the modification. You will have to show why you need the modification, such as loss of income, etc. and not just the renters defaulted.

You will want to speak to your current lender and let them know what is happening so that they may work something out with you. Once current you can look into refinancing if your rate is higher than the current market rate. If you have any other questions you can contact me at 602-531-7040 or jafonso@azhomerates.com.

Yes.. Loan mods are offered on investment properties, but they are much more difficult to get... If it were your primary residence, then you would have a greater chance of getting a loan mod, but the process for investment properties are much more involved, and very few people that actually accomplish this actually are satisfied with their new payment.. your probably better off either selling or doing a short sale.. Both a loan mod and short sale will have a negative impact on your credit, but it will get you out from under this property.. try contacting a local real estate agent and see what your options might be.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Yes, but more difficult than for your primary residence.

Although a loan modification is possible on a rental property with an FHA loan, you will probably have better luck working with the lender on a workout solution to assist you in getting caught-up. Either way, start an open dialogue with your current lender about your current situation. Banks are much more willing to work with homeowners today than they were a few years ago. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950