Loan Moification Now Available for Rental Properties

A large segment of the housing market has long been neglected by the government in its support of loan modification. To date, investors and those owning rental properties have been shut out of all loan modification programs. No longer. On Friday, the Obama administration announced a major expansion of its mortgage modification program as it seeks to prevent more foreclosures and further deterioration of the housing market. Now, investors can seek modification under the Home Affordable Modification Program ("HAMP") regardless of whether the property is occupied by a tenant or is vacant. Approximately 700,000 properties nationwide are estimated to now be eligible for the HAMP program.