Home Selling in 94591>Question Details

Mike, Both Buyer and Seller in California

I purchased a second home to rent out to my daughter a year ago and I live in my primary house which is under

Asked by Mike, California Wed Mar 4, 2009

water for about 30,000, but I could never sell it to break even, the market is so bad here in California. I lost my job 3 months ago and I am running out of funds to keep paying on my primary I don't know what to do. I have not found a job. Help.

Help the community by answering this question:


Hi Mike,

Since you have a legitamate financial hardship you may be eligible for a loan modification on either or both of your properties. The glitch here is in order to get an approved modification you need to be showing some income. I would consult with an attorney or a modification specialist. Many homeowners are looking at your same scenario and there are options out there. You may consider going late on your payments and hopefully in a couple months you will have a new job and can show the income to qualify for the loan mod (especially if it is a lower paying job). Many lenders would rather find a viable option to keep you in the properties than have you headed towards a looming foreclosure.

But, again, I am not a lawyer or loan mod specialist. Definitely seek out some qualified advice.

Best of luck... you are not alone.

Tara Steinke
San Diego Real Estate Professional
Residential Sales and Appraisal
0 votes Thank Flag Link Wed Mar 4, 2009

Sorry to hear about your situation - here is a post that may be helpful:


You also have the options of a short sale, however, with two properties, it becomes very complicated and many banks won't cooperate. Read the blog - let me know if you have any questions.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Wed Mar 4, 2009
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