AboutAl Rodenburg Expertise Well...looks like I can see the light at the end of the tunnel (and it's not an oncoming train!).
Seriously...for the last several years, underwriting guidelines have continued to change and become more restrictive; but it finally appears that they are heading in the "right" direction.
My goal has always been to help the consumers and investors, as well as making the process as quick and transparent as possible. If you'd like to contact me directly, visit mortgageoffice.com.
Experience Over 12 years, originating primary residence and investment propery mortgage loan financing - with an emphasis on making the process as simple and quick as possible for the consumer.
Education/Credentials Principia College, Florida State U.,University of Illinois-Chicago, Roosevelt University and Lake Forest School of Management.
Question Due to a hardship we had to relocate from Kitty Hawk, NC to Atlanta, GA. I was self employed in Kitty Hawk and sold my business. We kept our house in Kitty Hawk due to wanting to move back in the max of a couple of years. I am currently employed making around 70K and I am the only income of my family. Due to a bad business partner we had to claim Bankruptcy for financial obligations that were owed for a previous company I owned.
The hardship was due to my mother in law having cancer and us needing to relocate to take care of her. We currently live in her home and pay no rent, we are looking to get a loan modification for a hardship on our home in Kitty Hawk. Everything I see states it needs to be “Owner Occupied”, this is our only residence and we will most likely be moving bad to Kitty Hawk within a year or so. We currently are renting our home.
The current mortgage is a 9% - 30 year interest only - $315000 held by Countrywide.
The current value of the home is around $315000-330000.
Never late on a mortgage payment, and never late on payments for debt I had to claim bankruptcy on until the bankruptcy.
My question is can I qualify for any assistance even thou I do not “live” in the home but it is not an “investment” property? We are going to move back possibly as soon as the end of this year.
It appears there is a way to do the loan modification but I tried to call Countrywide (a lot) and got “NO” every time. They said due to the fact I did not “live” in the home they could do nothing for me, they already were doing their best with the interest only loan I currently have and this is when my credit score was at 670.
I have been reading a lot online, it seems; almost, I should just not make the payments and I will be pushed to the front of the line and get dealt with, just does not seem right to me but at this point I do not want to lose this home. The other option I see is to work with a professional loan modification specialist or NACA. Any other options out there I may not be aware of? Subprime lending?
Please, Please let me know any thoughts you may have.
I thank you very much for your time.
Answer I really can not assist you with this issue; I'm sorry. There is so much contradictory information out there and the laws and underwriting guidelines continue to change, it's very difficult to give any sound advice.
I do know that unless you actually live in the home as a primary residence the loan mod options do not seem to be available to you.
Sorry for your situation,
- Al
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