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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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.
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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