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loan modification

Profile picture for roberto29
I have a home and a apartment. I live in my house. I purhased my house for 370k now is worth 270k. I want to do a loan modification with the FHA (4H4) but I dont qualified because of the second property right? what else is there? I dont care about saving my second property that is also down 40%
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December 21 2008 - Stockton
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Answers (3)

Profile picture for CORONA NICK
Walk away from your rental property and save your home if thats what you want.... no more trying to be Donald Trump OK...lol
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December 22 2008
Profile picture for DebtFreeDave
Here is some information on loan modification.
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December 22 2008
Profile picture for Craig Baranowski

Roberto,

Loan Modifications can be done on second homes and investment properties. The H4H program is a very specific program with lots of limitations and obviously may not fit your current situation. Many lenders are willing to work with you on a loan modification. Remember lenders do not want your property.

You also have the option of doing a short sale on your second property and a loan modification on your primary home. However, both will require you demonstrating financial hardship and insolvency. If you can demonstrate that you can become solvent after short selling your apartment and modifying your primary home loan, then the loan modification will have merit with your lender.


 

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December 21 2008
 

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