SC Homeowner, What are the options
I got this question from a homeowner who had to find employment in North Carolina after South Carolina job disappeared. They have been renting home in SC for $400.00 less per month than mortgage, supplimenting the balance.
He is under the impression he can't get his FHA loan refinanced/motified since its' not owner occupied. Thinks it will appraise for less than loan balance.
Thinking of walking but we're looking for options.
Any suggestions?
Replies to This Discussion
-
Permalink Reply by Smitty on
-
I believe it does need to be owner occupied to qualify for a loan modification. No need to walk. He could likely pursue a short sale and his hardship is he can't afford rent and mortgage, as he had to move for work.
-
Permalink Reply by Marty Hackworth on
-
I agree with Smitty, still options and a work re-location is a real hardship. Unfortunately, no HAMP of HAFA since the residence is not owner occupied. Definitely not a good idea to just let it go, I've read recent articles from Fannie and Freddie stating there will be consequences for what they feel to be strategic defaults.
-
Permalink Reply by Homer Ray on
-
Thank you for responding..Homer
Marty Hackworth said:I agree with Smitty, still options and a work re-location is a real hardship. Unfortunately, no HAMP of HAFA since the residence is not owner occupied. Definitely not a good idea to just let it go, I've read recent articles from Fannie and Freddie stating there will be consequences for what they feel to be strategic defaults.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons