Issues

• Issues that caused your need for a mortgage modification on a non-owner property should be documented in writing. Your preparation of a hardship letter or an explanation for circumstances that surround a non-owner occupied property might be instrumental toward obtaining a mortgage modification. A sudden loss in personal income or a property vacancy, for example, could have caused a strain on your ability to afford the non-owner property.
  
  

Counselors

• Financial hardships that involve investment properties may require assistance from a knowledgeable housing counselor who could offer advice toward receiving a mortgage modification. A counselor can review the rental income from your non-owner occupied property, as well as your other income and debts, to determine if a viable solution exists. After reviewing your situation, a counselor may recommend certain programs that might offer assistance toward modifying your non-owner occupied property.
  
  

Lender Support

• The note holder for your non-owner occupied property may have provisions that enable you to obtain a mortgage modification. Generally, you should provide a letter that describes the issues affecting your ability to continue under the current loan terms. Supplying proof of your personal income and your rental income may influence your lender's decision, if you can demonstrate the ability to afford the non-owner mortgage under modified terms. Your lender may request several mortgage payments upfront or for you to enter into a trial program, before setting up a permanent mortgage modification.
  
  

Modification Programs

• A mortgage modification alters the original loan terms between you and the lender. Your lender may want to verify that a sufficient hardship exists before changing your current loan terms, as arbitrary reasons may not result in the approval of a mortgage modification. Medical emergencies, loss of income, death of a spouse or tenant vacancies may engage a lender to consider modifying the mortgage terms for a non-owner occupied property. Mortgage modifications are typically approved on a case-by-case basis.