Question about rental property and mortgage

Dh and I purchased a home in 2006 in Kings Park at the height of the market. We planned on it being an investment property, and rent it out. Needless to say, what we ask for is way to high for today's economy, and we need the rent to pay for mortgage, insurance and taxes. We pay utilities. For a couple of months we have been without tenants in the downstairs apartment, and it's very hard to cover that part, plus a house we just purchased over the summer, which is our primary home, in Nassau. My question is, is there any help for investment properties? We can't continue to float both properties much longer, we just don't have the means, and we really don't want to have to lose the rental house, since we know how bad it will affect us. Also, if by some off chance there is some kind of home modification loan we do, or god forbid it goes into foreclosure, can they come after our primary residence?? This is what I'm most afraid of...Thanks!

Re: Question about rental property and mortgage

loan mods on non-owner occup houses are not easy to get done

I have gotten them done- but most people don't do loan mods the way I do- it depends on the bank

if you want to ask me more personal questions FM

there are other options available besides foreclosure as well- I would not recommend just allowing the bank to take the house- in that case a short sale would be the second option after the loan mod didn't work

I do all this - I am Realtor and Distressed property expert-

Let me know if you have more questions- you have options

Re: Question about rental property and mortgage

my answer is a quick fix, I don't know anything about loan modification

can you rent it below what you owe so that you get at least most of what you need and just pay the difference until the market turns around? at least you won't be paying 2 mortgages, just the 1 and the little leftover

and maybe work with real estate to get it rented. I know they have fees but sometimes its worth it if you need someone in ASAP so you can stop paying most of the mortgage

Re: Question about rental property and mortgage

I'm actually doing both. I have a realtor who is helping us & she's showing it, but guess people aren't interested or can't afford 1 months rent and her fee or whatever. And we knocked down asking price by $400, because I also agree I rather pay a bit towards it, which is better than paying all of it. Maybe after the holidays I'm hoping things turn around.

Re: Question about rental property and mortgage