Legal Question in Real Estate Law in Illinois

i have a home and a three flat apt building, both with a mortgage. i am having trouble making payments on the rental property. can i apply for a home modification loan on rental property?


Asked on 8/23/10, 6:20 pm

1 Answer from Attorneys
Naheed Amdani Law Offices of Naheed A. Amdani, P.C.

Yes, you can apply for a loan modification. While you may not qualify for a loan modification based on some of the federal programs and initiatives available, there is still a possibility that the bank will modify your loan, even for rental property. A lot depends on which bank you're dealing with and what programs, if any, the bank has for people in your situation. If you need assistance, please feel free to call me.

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Answered on 8/30/10, 7:34 am


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