California | Real Estate Law
11/12/09, 11:33 am
Legal Question
Can you get a loan modification on a house that you do not live, but owm
Can you get a loan modification on a house that you do not live, but owm
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Read More Answered By: Melvin C. Belli |
Based on our experience yes, but it is more difficult and depends on a variety of factors such as value of house, type of loan, who the lender is and other things. Give me a call if you wish to discuss it further. We offer a free evaluation and consultation. See my website bellilawfirm.com or call 415 981-1850 or toll free 866 981-1850.
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Read More Answered By: Bryan Whipple |
Theoretically, yes. Loan modifications are private agreements between lenders and borrowers, and there are no rules saying what the collateral has to be for a modified loan. Heck, when I was a kid, I used to get loan modifications from my parents on unsecured advances on my allowance. I think your chances are better if the house was originally financed as an investment property, rather than owner-occupied but you changed your mind and moved out, thus taking it into a non-owner-occupied property after the loan was made. Lenders can be pretty sour about supposedly owner-occupied properties that turn into rentals later on. |
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