How can I refinance a pick a pay loan on a Wells Fargo rental property? Wells will not give a loan modification.

Judith-You should be able to refinance the loan as long s there are a few key elements in place. First the loan to value on the rental propertywill need to be below 80% if it is an SFR. If the subject property is units, the LTV wil need to be even lower. Next you will need to meet the credit and income qualifing requirements. There is no reason that you cannot refinance out of any loan,as long as you can satisfy the the requirements I listed above. I would recomend that you find a very qualified local lender to walk you through the process.Best of luck!

There is a lot of information missing. Why did you go for your modification? Are you upside down? Having trouble making payments? Why did the bank say No? How's your credit? And several more. You should talk to a local Mortgage Banker/Broker to better understand what you issues are and what the solutions may be. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Refinance and loan modifications are two completely different things... to refinance an investment property you need a minimum of 20% equity, sufficient credit scores and reserves, and sufficient income. If you're talking about a loan modification, then that's completely different. Loan mods usually require you to be delinquent on your mortgage and you need to show you've had a hardship and cannot afford the payment. Loan mods are almost always declined, and you end up damaging your credit to try to meet the guidelines... Another option for you is to consider if you don't have the necessary equity is to pay down your mortgage. Usually I would discourage this, but your mortgage interest rate is more than likely much higher than what your money is making in your savings.. By paying down your mortgage to below 80%, you will increase you ROI, and effectively make your overall portfolio more attractive. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Although basic details are not with your question There are options we can review to stabilize your payment.We can review this over the phone and give you answers today. Mark 800-485-1387 Extension 107