Profile picture for needadvice

LTV is 277% on my second home. Refi is not possible any chance for loan modificaiton?

Have good credit as of now and never late on payments.  Since I am so under water, what are my options?
  • April 01 2009 - Kissimmee
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (9)

Loan mods under the FDIC guidelines are for first properties only. However, loss mitigation attorney's are quite savvy at negotiating on your behalf on 2nd homes, rentals and commercial properties.  Much of it depends upon the servicer.  If the note is investor owned, you have a much greater chance to modifying the loan.  Why?  Chances are they bought it from the originaotr for a discount and have room to play.  They want to keep you performing on your note.  I suggest you call 866-395-2803 or click here and speak to a specialist who can tell you if you qualify for a loan modification.
  • April 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for needadvice

Both 1st and 2nd are with BOA, tried to Refi and thats when LTV came back as 277% after they did their apprisal.  Zillow shows the value for the property to be 210,000.00

Tried talking to the BOA a couple of times and that when one of the guys mentioned that there is new program that might apply to my case (second home) but said that the details are still to be determined and would wark my account/loan for that program. 

No one seems to know what this new program is....

  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for boughton4
Anything is negotiable.  Call your lender(s) and talk to them about modifying your existing loans.  You can always tell them that if you were to default they would lose out big time given the decline in property value.
  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Clearpoint

I'm not getting the question, are you having a hard time making the payments on your SECOND home?  Have the payments changed since you originally bought it?  Since it's a second home you already have a primary residence so your hardship may be hard to prove since most people are losing their ONLY residence.  If you don't like your payment, can't afford the payment consider a short sale. 

  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

With the new program, I don't even think you would qualify because they max loan to value is only 105% I believe. 

I think your best bet is to call your lender and talk with them.  We can all guess different guesses, and none of them be right. 

Good luck to you.
  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for needadvice

The property is in Florida and was purchased in 2006.  Was told that there is some new program that might apply to second homes, anyone is aware of it?

  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for needadvice

First 164,000.00  at 6.8% fixed 40yrs, second 31,000.00 at 8.75% fixed 40yrs.   
I tried to do a Refi and the apprisal came at 73,000.00  (orignally paid 220,000.00)

Unfortunately, its not my primary residence but just looking to see what options or new Gov programs are available...

  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

NA,

Loan mods are for owner-occupied only to my knowledge.

That's the highest numer I've seen posted. Is it a FL Condo? When did you buy it? (Just out of curiosity.)
  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Wow, really 277%?  I'm sorry.

What is your first mortgage balance and what is your 2nd mortgage balance on what is the value of your property.
  • April 01 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.