Rental REFI

[wvspecialkvw]

Hello all,

Just looking for some solid advice and it looks as though i came to the right site. Great info all around! Here's my situation:

Bought a ten year old townhouse just over two years ago, moved away out of state about a yearand a half ago and have a reliable tenant. With the market swing I'm about 10% upside down with an interest only fixed at a high interest.

That's the ugly part, now with the new affordability plan I attempted to refinance with a FHA loan through my wife and had it all ready to go through underwriting when the agent called and said since the original loan was owner occupied, I could not take advantage of the Home Affordability Plan. So currently I'm stuck, really don't want to sell (don't have to), but my wife and I are contributing about $700/month in addition to the rent received each month to keep the place. Income tax is nice at the end of the each year, but we're still out.

What do you all think? What's the best plan of attack?

Really appreciate any and all inputs here.

-Kyle

[Evan Bedard]

Hi Kyle,

Have you considered trying to get a loan modification already on this property?

[wvspecialkvw]

Yeah I was in contact with a Loan officer from BOA that pretty much stalled out due to the fact that it was owner occupied when the original not was drafted and now it is not owner occupied. Does a modification require proof of hardship?