Financing in Forsyth>Question Details

Dld3100, Home Buyer in Marietta, GA

Can I refinance an empty home that I don't want to see or rent?

Asked by Dld3100, Marietta, GA Sat Jul 21, 2012

Have a home sitting empty - not for sale or rent. Can I refinance it - not as investment property and not as primary residence..? Just want to reduce mortgage payments.

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I read your response again and I think I understand now. The house you own is vacant while you are living with your mother to help care for her, correct? If so, that is still your primary residence and you can refinance it as such. Call the referral I gave you, he's one of the best there is and can surely assist you.
0 votes Thank Flag Link Sun Jul 22, 2012
G.D.
I finally found a decent search on how to approach re-financing a secondary residence that I don't recognize as occupied and/or rented. This residence I have has a mortgage with WF. I have held it for almost 8 years (come March 2014). I have not tried contacting WF for any assistance because they have tried to get me to commit to speaking to them about any trouble I maybe having with payments. I have heard about WF's Foreclosure practices and getting their own customers to give in. I am in need of RE-Fi because of a mortgage loan my wife and I signed back in 2006 (80/20 Loan). Both these loans are at 10.5% and 7.6%. My residence isn't underwater anymore but the loan(s) amounts are equal to or just below appraised value.
The residence is in S. Texas and we do have another primary residence with a ARM with my Personal/Business Banker. Our credit is slightly under GOOD standing for obvious reasons. My contact info is as follows:

G.O. Arambula
odie@accountant.com
Flag Sun Dec 29, 2013
T0 respond to your reply.
If you live in the house with your mother then you can most likely refinance it as a primary residence. There is also a provision for it to be your primary residence even if you don't live there but own the home for your elderly parent.

Per Fannie Mae:
"A principal residence is a property that the borrower occupies as his or her primary residence.
The following table describes conditions under which Fannie Mae considers a residence to be a
principal residence even though the borrower will not be occupying the property.

Children wanting to provide housing for elderly parents:
If the parent is unable to work or does not have sufficient income to qualify for a mortgage on his or her own, the child is considered the owner/occupant."

You will need to find an experienced loan officer that really knows guidelines to assist you. I would recommend that you call the following person in your state:

Clay Branch
First Century Bank Mortgage
11660 Alpharetta Hwy Suite 225
Roswell,GA 30076
(770) 410-4950
0 votes Thank Flag Link Sun Jul 22, 2012
If you're not living in it and it's not being represented as a second home (home away from home). Two ways to lower the payments: refinance it as an investments proprerty. Rate upwards of 4.5% depending on how much you want to pay in points (1% of loan amount = 1 point). The amount you pay depends on how long you plan to keep the property.
The other way is to modify the loan. Do not try this yourself. Pay someone to do it. I have 2 professionals that can do this. Cost is about $2500. Depending on the loan amount, this may cost less than refinancing. Do not become late on the payments. It's been believed that you have to be late on the payments to get modified. You actually have more leverage if you're paying on time. Email me for the contact name and numbers if interested. The loan could get lowered depending on the bank, OR the rate may be lowered, OR if an audit finds inconsistencies in the loan process, the loan may be dismissed entirely. Please note that the latter happens in less than 1% of modifications.
0 votes Thank Flag Link Sun Jul 22, 2012
If it's not rented and you have not collected rents on it per your tax returns, you may be able to refinance it as a second home. Do you have a primary residence somewhere? You need to be more specific in your questions, the property has to be one of the three; either primary, secondary or investment.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sat Jul 21, 2012
You may be able to refinance this as a primary residence in your case. I'll post the guidelines as an answer since it mat benefit everyone.
Flag Sun Jul 22, 2012
I guess the house would be technically be considered secondary. I moved in with my mother to help take care of her...but I don't own the house with my mother. I only own the house I'm not living in. So would that be considered a second home?
Flag Sat Jul 21, 2012
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