Forgotten Your Password?

Need to Register?

Question Icon

Would I be able to rent out rooms to assist in qualifying for a loan modification?

by darryl87261 from Rebecca, Georgia. Dec 17th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Your question is confusing.. The whole reason one would apply for a loan mod is because they cannot afford the payment and need the lender to somehow lower it.. by renting out your rooms, in essence, you would be going in the wrong direction.. by getting additional income, you would qualify for a higher payment.. Renting out rooms would make it easier for you to make your payment, so doing that very thing might help you avoid foreclosure, but it certainly wont help in qualifying for a lower payment.. 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 NMLS# 226347

Dec 18th 2015
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

If you're being denied a modification due to income being too low, it's possible that might be taken into consideration but it is not normal. They may require documentation you are receiving the income. You might also contact a HUD housing counseling agency for assistance. Good luck

Dec 18th 2015
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

PS. A modification is not likely if the lender/servicer believes they are only prolonging the likelihood they will have to foreclose.

Dec 18th 2015
0
0
Subscribe to our news feed.