Need a loan modification for 2nd home.

Michelle
Michelle
Home Buyer
30677

I have a 2nd home in Orlando, FL that I am currently renting. I have received notice that my property has significantly lost value. The property was purchased in 2006 for 184K, was assessed in 2008 for 136K, and today I received notice that its 2009 assessed value is 49K. I am thinking of modifying my loan to recover some of my losses. Will I qualify to get a loan modification even though I have not lost income over the past year? If I don't qualify for loan modification, do you have any other suggestions to reduce my payments and recoup my investment?

Wed Aug 19 2009, 07:36 - Home Buying in 30677 - 1 answer
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David A Barclay
David A Barclay
Agent
Comer, GA
FIRST ANSWER

Michelle,
I am not qualified to tell you if you qualify. You need to contact your lender to ask them about the HASP program for refinancing. HASP is part of the stimulus programs for homeowners who have lost equity due to the market conditions. Hope this helps. David Barclay REALTOR

Web Reference: http://www.upchurchrealty.com/davidbarclay
Thu Aug 20 2009, 07:11
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