primary residence/rental property - Loan Modification Forum

vmolina · 09-27-2009, 05:53 PM

I hope someone can help. I moved to AZ in June of 06 leaving behind a rental property, Arizona has now become my primary residence. I have tried to refinance my first and second for the last two years in AZ to bring down my payment with no luck. Can I get a loan modification on my AZ home since it is my primary residence? Will NACA work with me? Or any other agency?

jack057 · 09-27-2009, 08:11 PM

Quote:

Originally Posted by vmolina

I hope someone can help. I moved to AZ in June of 06 leaving behind a rental property, Arizona has now become my primary residence. I have tried to refinance my first and second for the last two years in AZ to bring down my payment with no luck. Can I get a loan modification on my AZ home since it is my primary residence? Will NACA work with me? Or any other agency?

From what i saw at the naca event they do not do loan mods for people who have more than 1 property . i heard they had certain circumstances though if one property was a business...

vmolina · 09-27-2009, 08:44 PM

Thank you for your response. If anyone else is in the same situation I would appreciate any advice.

dreese · 09-30-2009, 03:44 PM

Hello I am new to this site and have a question. My friend sent in his paperwork to Chase for the modification of his primary and a second home that is on a pic-pay loan in Lake Tahoe. Both loans are with Chase/WaMu.. Chase is asking if his second home is a investment property. Actually it wasn't until August 2009 as it is rented full time due to hardship..Will this effect his qualifications? Thanks Deb

09-27-2009, 05:53 PM	#1 (permalink)
vmolina Junior Member Join Date: Sep 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	primary residence/rental property I hope someone can help. I moved to AZ in June of 06 leaving behind a rental property, Arizona has now become my primary residence. I have tried to refinance my first and second for the last two years in AZ to bring down my payment with no luck. Can I get a loan modification on my AZ home since it is my primary residence? Will NACA work with me? Or any other agency?

09-27-2009, 08:44 PM	#3 (permalink)
vmolina Junior Member Join Date: Sep 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: primary residence/rental property Thank you for your response. If anyone else is in the same situation I would appreciate any advice.

09-30-2009, 03:44 PM	#4 (permalink)
dreese Junior Member Join Date: Sep 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: primary residence/rental property Hello I am new to this site and have a question. My friend sent in his paperwork to Chase for the modification of his primary and a second home that is on a pic-pay loan in Lake Tahoe. Both loans are with Chase/WaMu.. Chase is asking if his second home is a investment property. Actually it wasn't until August 2009 as it is rented full time due to hardship..Will this effect his qualifications? Thanks Deb

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