Question: I own two properties, one that I use as my primary residence and another that I use as a rental property. I cannot afford to pay the mortgage on either, but would like to avoid foreclosure, keep both homes and modify each loan. Is that possible?
Response: Prior to June 1, 2012, only mortgages on primary residences could be modified. However, with HAMP 2.0 that became effective on June 1, 2012, you have an opportunity to modify loans and avoid foreclosure on up to three properties. With that in mind, you must be able to show affordability as the bank will count all your mortgages as expenses and add them to your debt. If you have two loans with the same bank, then you would have to submit two packages with different loan numbers in order for each property to be separately reviewed for a loan modification.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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