is it possible to have your home loans modified if the condo is not owner occupied?
we moved out of our condo because we both lost our jobs. my mother in law is the one renting(no profit)/paying the monthly mortgage. first loan is ARM and secodn is fixed. my mom in law is now 3 months behind but doesnt want to give up the condo. is there a way to make these mortgage payments fixed and affordable?
It would be hard for loan modification because you both have no jobs. Lenders want to see a source of income in order to modify. Lenders modifies the loan for owner occupied homes, I haven't heard anyhting for non-owner occupied. I can understand your situation but if there's no source of income then short sale is one of the option to avoid foreclosure. Consult with your CPA or tax attorney for tax ramification questions.
Aloha Wendy,
There is intense pressure on lenders to work with owners and offer more loan modifications. It's certainly worth a try. Short sales are possible for non-owner occupied properties, too. If you'd like a referral to a short sale and foreclosure real estate expert in your area, please feel free to contact me.
With warm aloha,
Susanna Kunkel, RA
Kauai Foreclosure & Short Sales Specialist
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