Financing in 92083>Question Details

Manuel Garcia, Home Buyer in Vista, CA

I moved in our rental property (upside down). Is this considered owner occupied?

Asked by Manuel Garcia, Vista, CA Mon Apr 1, 2013

I separated about a year ago, I moved in our rental property (upside down). I've been paying the mortgage on time for the past year. The loan is only on her name but the title is on both of our names. Is this considered to be owner occupied, if not do I have any other options, as far as refinancing, short sale?

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Kevin Sanderlin’s answer
Hello Manuel,

A loan assumption will most likely not work. Bank of America does not generally allow those.
Your best option will probably be to short sale and most likely receive between $3,000 and $30,000 in seller relocation assitance. Bank of America generally has two ways to receive incentive money from them. The first is by cooperating in a governement short sale program called, HAFA. The second is the Bank of America specific program called, the short sale Coop program. Just a few months ago, I helped a homeowner short sale their home and they received $22,000 at closing in extra funds from the lender. You can then take these funds, get into a rental that would hopefully lower your monthly liabilities and help you start saving up some more money for a future purchase. Please contact me if you have any questions, I help homeowners short sale all over San Diego County.

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
0 votes Thank Flag Link Tue Apr 2, 2013
Don't know why it shows I live in Chicago - I live in San Diego!!
0 votes Thank Flag Link Sun Apr 7, 2013
I will buy your short sale!! Email me at Brianandjulieb@aol.com!!
0 votes Thank Flag Link Sun Apr 7, 2013
You may be eligible for a HARP refinance if the loan is owned by Fannie Mae or Freddie Mac. Contact me if you would like me to research that for you.
0 votes Thank Flag Link Mon Apr 1, 2013
Hello again Manuel~

These are all good answers here! Any of us on this thread, can help you to begin the process of determining the best solution, but we have a few more questions that would need to be addressed before we can really help. You may want to get the current value of the home from someone here to begin with. Finding out who the Lender is and if there is hardship related to your separation and what your goals are will help us to provide more answers as well.

You can also call a couple of the agents here and interview some of them to find a good fit for yourself and your situation. Once you you find an agent who listens, has good communication with you, offers to direct you to the right resources, has your best interest at heart...then it should be a good fit and you will feel it!

Wishing you the best Manuel~
0 votes Thank Flag Link Mon Apr 1, 2013
You have to live in your home any 2 of the last 5 years to be a primary residence. Owner Occupied. If you have been claiming it as a rental property in the past.

Since the loan is in her name she will have to initiate the negotiations for a short sale or to refinance or a loan modification. But, if you are going to file for divorce, and depending on how you do your taxes, etc. I would definitely consult an attorney to find out what real options you have.

Bonnie Frazier, CDPE, GRI, CRS
Realtor
Realty Executives -Vista
760-815-0722
0 votes Thank Flag Link Mon Apr 1, 2013
Thank you for all of your answers. Yes the utilities have been on my name since I moved in the property and I have been making the checks for the mortgage. I was leaning towards a loan assumption but as I said they house is currently upside down. It is a bank of america loan.
0 votes Thank Flag Link Mon Apr 1, 2013
Manuel. as you can see, there are a lot of Realtors ready to help you. I'm not sure what Truli proptocol is, but.....With a Bank of America loan there are programs in which you may qualify from $2500 to $30k in relocation assistance. I closed 25 short sales last year and am very familiar with Bank of America's programs and procedures, if either a loan modification or short sale are your desired outcomes. I'm highly qualified in this area and have a 100% success ratio last year, 93% lifetime on short sales. Not many other Realtor can say that. I have lots of other resources and information to help you make an informed decision based on what is best for YOU. Let me know if you want to discuss further. Best wishes.
Flag Mon Apr 1, 2013
Manuel, Mr. Lehman is correct. You do need to prove that you have occupied the property.
Depending on what you want to achieve though, there may be other issues.
In the case of a short sale, you wife will have to cooperate and deal with the lender as she is the one on the loan.
Knowing how to navigate this process is best done by someone with experience in this area.
Please let know who what options you're trying to pursue........
0 votes Thank Flag Link Mon Apr 1, 2013
Hello Manuel~

If you are living in your rental property now, it would be considered your primary residence now. Do you have utility statements in your name? (evidence) If you are upside down on the property, there may be several good options for you. Please call me to discuss. There are some refinance programs now, that require no appraisal for a re-fi. I have been certified in distressed properties (CDPE) and would be more than happy to share all of the options available to you, so that you can make an informed decision.

Happy to help Manuel! I am in North county too. My Office is in Carlsbad.

Chris Gorno
Windermere Real Estate SoCAL
300 Carlsbad DR #217
CArlsbad, CA 92008
DRE#01499885
http://www.chrisgorno@gmail.com
0 votes Thank Flag Link Mon Apr 1, 2013
If you live in the property and can justify that you live in the property, yes it is owner occupied...

D
0 votes Thank Flag Link Mon Apr 1, 2013
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