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Replies (5)
- Ryan Scheich, "Ryan Scheich"
- Contributions:3
Before you go through with the loan modification, I would check with a BofA loan officer to see if a refinance is possible. Although not every loan situation qualifies, Bank of America does have some special refinance opporunities for current customers. The fact that this was purchased as a investment property would not necessarily disqualify you for this program, even if you are currently under water. It would at least be worth a phone call to check it out. It could get your interest rate down while not having the negative impact of a modification. Hope this helps!
- Jaryd Ruffner, "JarydRuffner"
- Contributions:98
Make sure BofA knows that it is now your principal residence. HAMP will not be approved for investment properties unless they know you now reside there. In the HAMP packet, it will also ask if you are living in the property. This address should also be your tax billing address too.
- AspenExtreme
- Contributions:4
Thanks for the replies. I contacted Bof A this morning about a refi, but the numbers LTV ratio is just too far off.
As for my primary residence. I have the utilities in my name which is the what the government needs for HAMP. My tax billing address is my PO Box as there is no residential delivery. All indications are that my current residential status won't be an issue. I was more concerned about problems arising from the origination of the loan as an investment property.
Thanks again!
As for my primary residence. I have the utilities in my name which is the what the government needs for HAMP. My tax billing address is my PO Box as there is no residential delivery. All indications are that my current residential status won't be an issue. I was more concerned about problems arising from the origination of the loan as an investment property.
Thanks again!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Aspen,
Don't be so sure that this won't be an issue. The lender will receive a report that you pay $6.95 for. It is known as MERS. Fraud penalties are Extreme. I think you should reconsider.
Best wishes, Rudi
Don't be so sure that this won't be an issue. The lender will receive a report that you pay $6.95 for. It is known as MERS. Fraud penalties are Extreme. I think you should reconsider.
Best wishes, Rudi
- AspenExtreme
- Contributions:4
Perhaps I wasn't clear. My intent certainly isn't to misrepresent anything here. I have been living in the property in question since February. My concern was whether or not this mattered since the property was not my primary residence when I purchased it.
I'll look into the MERS to better understand this though. Thanks!
I'll look into the MERS to better understand this though. Thanks!
Loan Modification of a Former Investment Property with B of A
Over the past few years both my income as a small business consultant and the rental income decreased dramatically. Earlier this year, a vacancy in one of the rental units and the prospect of earning more by renting the 2005 property prompted me to move into the 2007 property as an owner occupied unit.
This helped somewhat, but I have only been able to stay current by draining my saving and borrowing from family. This past month I was able to secure a full-time job as well as some side contract work, but my payment is still about 50% of my gross income (including rents.) Without other changes, reducing the interest rate to 4.3% would make interest payment, taxes and HOA 31% of my gross income
I have requested and received a HAMP packet from BofA, but am wondering if the fact that the property was originally an investment property will disqualify me from the federal program or if there are any other potential pitfalls people see.
Thanks for your input!
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