Posted on: 14th Jan, 2011 09:26 pm
when getting a modication does the person physically have to live at the home that is being modified. (owner of two properties)
Hi j mack,
It will be easier to get a mortgage modification for the property in which the borrower lives. It will be a bit difficult for the borrower to qualify for a loan modification for the rental property.
Thanks
It will be easier to get a mortgage modification for the property in which the borrower lives. It will be a bit difficult for the borrower to qualify for a loan modification for the rental property.
Thanks
It is good if the borrower gets a modification for the property in which he lives.
If the original mortgage was done as an owner occupied mortgage, you probably need to live in the property to have it modified as an owner occupied mortgage.
We can "think" whatever we want. Just ask the lender.
We can "think" whatever we want. Just ask the lender.
Thinking by a borrower is usually dangerous, as borrowers tend to try to intuit what their lender has in mind, or even out-think the loan officer, processor, underwriter, etc.
