Loan modification denied in Jan, however with new stimulas package, should I request lender for another review?
I’ve learned as much as I can about the Obama’s plan but not entirely confident in understanding the ends and outs of it. I have two properties, one I live in and the other I rent as units. Resmae has already denied my loan modification request in Jan based on that the property value has decreased and that they are concerned I won’t be able to make regular payments because part of my income is the rents I receive which became a big problem last year due to a renter screwing my over for several months and other factors which have now been corrected. Problems resulted in my unable to paying the mortgage for several months. I have received a letter that they have already filed or will be filing for the foreclosure and if I understand correctly the plan won’t be completely operational until March. Any and all advice would be helpful. Especially on how to get Resmae from there current stand point. It seems they are not willing to help and I don’t know who or what else to turn to if the lender won’t budge.