2511 Canyada Avenue, Altadena, offered for lease at: $2,000.00 per month A classic mid-century ranch style home in a great Altadena neighborhood in the shadow of the San Gabriels. Spacious floor plan features
But --- did the original contract or addendum put forward by the asset manager indicate the loan would be a 203K? If so, you may have something to go on as they were aware of the loan choice and accepted it.
If they accepted that information on contract, I would be surprised. FHA 203K are notoriously difficult to close, take at least 90 days, and many asset managers will not even accept an offer tied to 203K.
Check with your agent to see what your options are - but I am sure the addendum provided by investor/lender/asset manager had AS IS all over it and doubtful they will allow work to be completed or credit given without prior knowledge/approval of the loan product via the offer.
Is this your primary residence? What other assets are you speaking of? Do you have equity in your home?
I think the information you provided is a little too vague to give an answer. Finance questions like these should go to your cpa or Real Estate attorney. There are several other options besides modification. I have a section on my website that lists all the options homeowners such as yourself have. Take a look at them and find which options you might consider for yourself then call your cpa for advice about your options... Many homeowners feel that modification or foreclosure are the only options but that usually is not the case. If you need a real estate professional in your area, I could help you find one. Or if you have other questions, you can email or call me . My phone number is on my website... Good Luck!... more