Posted on: 16th Oct, 2010 03:56 pm
ok i own a multi unit property which i purchased 5yrs ago for my mom and family so it is family occupied only, so according to the 2nd mortgage lender emc it's a non-owner occupied property and not my primary residence and are not willing to help me after they denied my application for a modification, my rate with them is a ridiculous 11%!!! my 1st is 6% anyway i begged for them just to reduce the rate so it could make it easier for me to make the payments, so far i have been current but it is becoming more difficult as my savings is running out and i was asking for help before that happens. anyway all they could say was sorry we can't help you and they told me to try and refinance with another bank, unfortunately my credit is poor due to a bankruptcy and the property value is now about 100,000-125,000 less then what i owe....losing this home would be putting three family out! is there any help?
thanks,
hopeless
thanks,
hopeless
Welcome CpdLdy,
As you don't have equity in your property, you won't be able to refinance the mortgage. Moreover, you have a bad credit which will lower your chances for qualifying for a mortgage. You should once again re-apply for a loan modification and check out if the lender can help you this time.
As you don't have equity in your property, you won't be able to refinance the mortgage. Moreover, you have a bad credit which will lower your chances for qualifying for a mortgage. You should once again re-apply for a loan modification and check out if the lender can help you this time.