Posted on: 16th Jul, 2009 08:24 am
I HAVE 3 PROPERTIES, HOW SHOULD I SET MY PACKAGE UP IN TERMS OF WHICH WILL BE THE PRIMARY PROPERTY AND DO I SHOW MY GROSS INCOME LESS EXPESES AS BEIJG SHORT OF MAKING MY TOTAL MORTGAGE PAYMENTS.
sECONDLY, WOULD I GET BETTER RESULTSUSING A MOD. COMPANY TO PREPARE MY PAKGE? pLEASE HELP ME WITH THIS DELIMA, I AM IN PREFORCLOSRE ALREADY. THANK YOU 808-250-4593
sECONDLY, WOULD I GET BETTER RESULTSUSING A MOD. COMPANY TO PREPARE MY PAKGE? pLEASE HELP ME WITH THIS DELIMA, I AM IN PREFORCLOSRE ALREADY. THANK YOU 808-250-4593
You need show the house where you live as the primary residence
You need to show that you have financial hardship and will be able to make payment after modification also
Most of the modificatiosn done are for primary residence
You need to show that you have financial hardship and will be able to make payment after modification also
Most of the modificatiosn done are for primary residence
evaluate the value of all the 3 properties and then you can make any primary as per high value ..
I am not sure hoe can some one just delacre any property as primary if they are nto living there?
Hi whodaguy,
The property in which you are staying for the last 3-4 years on a regular basis will be considered as your primary property. The other two properties would be considered your investment property or second home. As far as the loan modification is concerned, you will have to apply to the lender for it. It would be the lender's discretion whether or not he would accept it. I would suggest you to negotiate with your lender first. In case, if the lender does not agree to it, then you can think of a loan modification company.
The property in which you are staying for the last 3-4 years on a regular basis will be considered as your primary property. The other two properties would be considered your investment property or second home. As far as the loan modification is concerned, you will have to apply to the lender for it. It would be the lender's discretion whether or not he would accept it. I would suggest you to negotiate with your lender first. In case, if the lender does not agree to it, then you can think of a loan modification company.
Hi whodaguy,
YOU CAN SHOW ANY HOUSE AS PRIMARY, NO NEED YOU SHOULD BE RESIDENCY IN CURRENT.
YOU JUST EVALUTE ALL HOUSES VALUES AND MAKE HIGH VALUE PRIMARY HOUSE AND OTHER 2 WILL BE INVESTMENT HOUSE.
IF ALL THREE HOUSES ARE IN SAME PLACE THEN YOU CAN ALL HOUSES AS ONE AND MAKE ALL ARE PRIMARY
I HOPE YOU UNDERSTAND
THANKS
SONI
YOU CAN SHOW ANY HOUSE AS PRIMARY, NO NEED YOU SHOULD BE RESIDENCY IN CURRENT.
YOU JUST EVALUTE ALL HOUSES VALUES AND MAKE HIGH VALUE PRIMARY HOUSE AND OTHER 2 WILL BE INVESTMENT HOUSE.
IF ALL THREE HOUSES ARE IN SAME PLACE THEN YOU CAN ALL HOUSES AS ONE AND MAKE ALL ARE PRIMARY
I HOPE YOU UNDERSTAND
THANKS
SONI
did you get help on your loan mod as Attorney is probably your best bet!