Think i'll go drink some hemlock... just kidding, anyway.. in this situation where i'm not in default, and my mortgage doesn't adjust until 2010, do i have any leverage to try a loan mod to get out of the interest only aspect of my loan.. i'm getting the impression that these lenders will only deal if your in some stage of default.

So, she needs to negotiate and hope for the best.I have been in this situation from both sides.

In this situation the bank made out on the foreclosure-they have covered their unpaid mortgage and legal costs with excess; however this is not the norm these days.

Recently I had a situation where the HML for the end buyer would not allow the buyer to take title in the LLC therefore I had to do an assignment.

I specialize in helping people in the (geographic area you focus in) area who are facing foreclosure, which may or may not apply to your current situation.

In that case, redeeming the second would mean the first was still in effect.Without knowing this information, its impossible to evaluate the situation.

I only have 20K cash and want to buy up to 2 rentals if the situation is right in the next year or so.

I wasn't sure where to post this as my situation is a little odd.

Yep, I'm a broker and I advocate not using one in this situation as you will typically pay double origination.Sure, portfolio lenders will accept a package from me but they will not give me wholesale rates and zero origination unless I have negotiated a master loan commitment with them.

What occurred in our situation is the building was fully rented and in the purchase agreement there was a clause that one of the tenants would be given a 30 day notice that they would have to move once we closed.