having trouble making payment to the lender on our rental property in Michigan

we own rental property in MI that was once our home before we moved to FL where we now reside. we may not be able to keep making the payments to the lender on this rental property due to: inability to collect enough rent, huge increase in taxes on the property, unexpected repairs we paid for on the property. we contacted Everhome Mortg. co. who suggested that we complete a \"loss mitigation package\" & send to them for review. (we have heard that it takes a very long time to get a decision back from them and that short sale, loan modification, or deed in lieu of is not granted very often anyway). Any suggestions would be appreciated. in the mean time we are running up credit cards in order to stay current on our payments to Everhome, our lender. Thank you.

1 Answers

It is true that it might take some time for the lender to inform you whether or not your request for a loan modification will be accepted. I will suggest you to keep in constant touch with your lender and request him to inform you regarding the matter asap. If you meet the required criteria, the lender will definitely consider your request for any of the loan mitigation options.

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