Lock outs aren't and won't be occurring for a number of months so it is vital that if you buy a property with inherited tenants that they are good and well veted.Another barrier is the change in the lending landscape.

.~ OR ~You could hire a Registered Architect who could provide you with a professional feasibility study and report regarding your modification proposal that would take the above factors into considerations and give you a sharper insight of what you can and cannot do.  

You MUST follow the agreement of your forbearance or modification to avoid credit reporting.Critical note: read and understand the 12 month mortgage forbearance programs apply to ALL types of property: your primary residence, your rental properties, vacation rentals, etc.I've been busy last few weeks strategizing and working on a plan to work "Virtually" and try to look past all this noise and fog and try to look to see where I can help homeowners and investors going forward.

They had assured me they use a title agency that holds the money in escrow, but filling out an application with this company with my social security number and other vital info is what scares me the most.

This revenue helps keep the government running and providing vital services that the public relies on, especially in times like these.

@Pete Harper As of last week, I would have told you that you could probably match/beat that rate but on a 30 year fixed rather than the 5/1 ARM for a similar commercial/private product but any loan like this will need to be revisited in the next couple of weeks as non government backed lenders across the country (without exception) will be making modifications to their pricing/guidelines based on the domino effect caused by this stimulus package. 

If you have a way to manage without doing a modification on the account or a forbearance you are probably better off.

I just posted moments ago how I got two different 4 plex owner carries to lower their rates on a loan modification, as well as one removing a balloon payoff in 8 years.

And some will go even further and allow a loan modification to tack the forbearance amount onto the balance of the loan.But none of this is at all guaranteed or mandated by the Federal government.

She quickly said, "okay, lets cut to the chase here," and agreed to do a loan modification at 4%, drop the balloon and refinance for another 30 years, which dropped my payments roughly $170 per month, while also saving me tens of thousands on my loan over the years.I thought, hmmmm, why not ask again, so I contacted Steve who also held a loan at 4.75% with 18 years still owed, and got him to drop down to the same 4% just refinancing the 28 year term, which dropped the payment $70 per month.