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Is This Possible

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macndes Joined: 06 Jan 2010 Posts: 1 1.31 Dollars($)	Posted: Wed Jan 06, 2010 9:20 am    Post subject: Is This Possible Like 0 Dislike 0 My husband and I have a condo in Az with an adjustable.Loan balance 164,000 and condo value of 53,000. We have two other rental property and our primary home. We have a neg on the condo of 450.00 every month that we are able to pay, but it is hard some months.All we want is a fixed rate.We really don't have a hardship now, but when this loan keep adjusting we most certainly will.Will this be considered for a modification.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Jan 06, 2010 11:20 pm    Post subject: Like 0 Dislike 0 Hi macndes, Converting an adjustable rate mortgage to a fixed mortgage will not be considered as a loan modification. Rather it will be considered as a refinance. You'll be able to refinance the loan only if there's equity in the property. If there's no equity, then you should apply for a modification by writing a hardship letter. If the lender finds your situation appropriate, he would agree to it. Thanks

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