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SC Homeowner, What are the options

Posted by Homer Ray on November 23, 2010 at 5:27am in Short Sale Discussions

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?

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Tags: FHA, SC, remotification, sale, short
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Replies

  • Homer Ray November 24, 2010 at 4:06am
    Thanks for the input


    Smitty said:
    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.
  • Homer Ray November 24, 2010 at 4:06am
    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.
  • Marty Hackworth November 23, 2010 at 11:32am
    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.
  • Smitty November 23, 2010 at 11:27am
    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.
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