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What should i do with my second home when i can't refi and the lender won't do rate/loan modificatio

I have a second home in vegas.  My loan is at 6.125, interest-only.  My lender won't do rate/loan modification.  I'm trying to sell/rent my home in vegas, but there are no interests.  I just rented out my first home, but rent does not cover my mortgage/tax.  Things are getting tight.  I don't think i can refinance my home in vegas due to the depreciation in price.  What are my options?
  • February 16 2009 - Sunnyvale
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Answers (5)

And yet I got so savaged by agents on here over the years, telling everyone to look at the price/rent ratio...

see, if you bought a home smarter, this would never happen. You buy when the mortgage is less than rent, and then you can always at least break even renting it...

I wish people saying "should I  buy now..." would read more entries like this one...
  • March 12 2009
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Big question...  was your loan full doc or stated income?  If stated, was the information provided accurate?
  • March 12 2009
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The other 2 answered very well. IF you are behind the payment due to the hardship and you list the home to sell as a short sale, the lender may cosider  let you short sale it. [content removed by moderator for being self promotional]

Do check for any tax consequence because it is a 2nd home.
Grace Keng,

  • March 12 2009
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Profile picture for IPL Mortgage
You could consider a short sale. Call your current lender and ask to speak with someone in their loss mitigation department. Once you speak with someone, ask them for their short sale packet.
  • February 22 2009
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Unfortunately, there isn't too much you can do short of being persisent with your lender to modify.  Not that I'm suggesting that you stop paying your mortgage, but the reality is the bank is not motivated to do anything if you are current on your loan.
  • February 16 2009
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