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We have a home, which at this time is not our primary residence. We had financed that home to start

We have a home which at this time is not our primary residence.  We took out a mortgage to supplement our business which we had to close because of the downturn of the economy.  Because it is not our primary residence, we can't find any loan modification to help up with this situation.  Can we get any help?
  • October 06 2009 - Honolulu
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Answers (4)

It really depends on your note and property value. If there is room with your current income level and interest rate, you should get a modification. Try and submit yourself. If you cannot get action, then you need to retain an attorney to represent your modification. Best of luck
  • October 07 2009
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Although, depending on the lender there is a priority on owner occupied properties, most lenders are offering workouts for non-owner properties.  But since the government influence is mostly focused on owner occupied props, the investors are pushing back harder on non-owner solutions.  If you go with a third party, be careful about paying large up front fees. Either way you go, be persistant and document everything.  Best of luck.
  • October 07 2009
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Give me a call I can send you some previous updates.  Right now banks are not wanting anymore houses primary or rentals.  As long as your situation warrants a modification you can get one! Click on my name and you can see my contact information!
  • October 06 2009
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Many banks do modify investment properties.  If you want our Attorneys can take a look at your situation for free and check with your bank.  It is just a matter of you completing paperwork and sending it in.
  • October 06 2009
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