Having a hard time refinancing investment property?

Deanne
I own a home which I now rent out due to having financial problems due to a few different reasons. Basically, I ended up with a really bad mortgage loan (yes, I have learned my lesson so please, no lectures). I put renters in it cuz I could not get the home sold due to bad housing market in my town. The rates on the loan will reset in a year and I am scared to death my payments will jump. Even with renters in it I won't be able to afford the home and I do not want to foreclose with innocent people in my home. I have decided after their lease is up I will probably just let the house go and foreclose. I have tried to get my current mortgage company to help me but so far no luck. I am hoping someone knows a good company that would allow me to refinance my rental property to get my into a fixed rate. The mortgage balance is around $174, 000 and it is worth only 179, 000 and I only make about $33, 000 a year before taxes. My mortgage payment is $1400 and I rent it out for $1245.

Damian
You might try a broker who can go direct to the big seller servicers. They MAY have a 95% LTV for you, but more likely 90%.

Arlie
You and a couple of million people. Knowing that here is what the government is doing to attempt to help.Top 500 cities ranking in foreclosures of homes ranked by Zip Codes with the most http://money.cnn.com/2007/06/19/real_est… Fannie Mae Loss Mitigation policies on Foreclosures https://www.efanniemae.com/is/hcounselor… Site #2 http://www.fanniemae.com/housingcommdev/… FHA Definition of terms used in Loss Mitigation on Foreclosures http://www.fha.gov/sf/svc/faqmain.cfm Government article and information on Foreclosures http://www.occ.treas.gov/cdd/spring06b/c… HUD Initiations of foreclosures, an explanation http://www.hudclips.org/sub_nonhud/cgi/n…HUD: Servicing and Loss Mitigation on Foreclosures http://www.hud.gov/offices/hsg/sfh/nsc/f… Site #2 http://www.hud.gov/offices/hsg/sfh/nsc/n… HUD: Approved House Counseling Agencies includes foreclosure issues, by state http://www.hud.gov/offices/hsg/sfh/hcc/h… HUD: Article on Foreclosure Issues http://www.huduser.org/Periodicals/ushmc… National Home Recovery Program for foreclosures http://www.nhrp.com/ Steps that can be taken to prevent foreclosures: http://www.consumerlaw.org/initiatives/s…FHA: Loan Reform programs http://www.hud.gov/offices/hsg/fhareform… Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/Foreclos…0 Government Study on Foreclosures, costs and impacts. Includes data on each state http://jec.senate.gov/Documents/Reports/… Free Foreclosure assistance – Homeownership Preservation Foundation http://www.995hope.org/FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/home…Free legal aid search for all states: http://www.lawhelp.org/Whatever you do try not to simply let it go to foreclosure since it will haunt your credit for 10 years.

Aleen
Finding a mortgage company is call after call. Remember, you have a year to search. A good number of investors use a product called an "interest only" loan for investment property. Do a search on the Internet for a real estate investors group or entrepreneurial seed money investment group. Sorry, the industry term escapes me now. Landlords/Owners meeting sessions happen during the year. Ask around your circle of friends and your local library, especially, to see if there are groups that meet there that discuss similar topics, they hold the answers to your quest. Talk to your local REALTOR, they may have buyers who are investors. Maybe you can work something out. Exhaust all possibilities. You really don't want a foreclosure in your history. As I tell everyone, DO YOUR HOMEWORK. Maybe you can get a film crew to rent it out for a shoot. Talk to big business in your area, they might have employee transfers looking for housing. Post for help on Craigslist, they don't usually charge anything to advertise there, depending on your location. But read and protect yourself from SCAMS. Check local laws.