Question
Does a house have to be a primary residence in order to qualify for a loan modification?
If I don't get the modification I don't really mind losing the house because the mortgage balance is $120,000 higher than the house could ever sell on a good day, but I just FEEL it would be irresponsible (even though not my fault losing my job) and am willing to help the lender by keeping/paying the mortgage but the fact of the matter is that it is not a primary residence, so does that automatically disqualify a modification?
1 month ago - 3 answers
Best Answer
Chosen by Asker
No it does not disqualify you for the modification. I had a great modification done for me on my investment property by a company out of New York.
by Thomas
1 month ago
Asker's Rating: 
Other Answers
Its not about the home value its the fact that you borrowed the money and signed a contract to pay it. Either way most banks are not modifying investor homes/rentals/vacation homes. Unless there was fraud used to qualify the mortgage then you have different circumstances. Either way you may get lucky but at this point I dont know
by Us Loan Auditors- 1 month ago
Almost any mortgage could qualify for a loan modification, it depends on the circumstances the lender will do mods on. The best advice I can give is to at least have the conversation with your lender and see what they may be able to do for you. You should mind losing the house, the effects of foreclosure are far reaching.
by godged- 1 month ago