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  #1  
Old June 16th, 2009, 09:41 AM
Monkeyboy

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Real estate issue / Question???

Hi All,

A client's son in Colorado is in the now typical position....bought a home that became a rental, bought another home. Now both have declined in value to below mortgage balances..."underwater".

Oh, and his wife is undergoing chemo for colon cancer too. what timing.

I'm pretty sure that he'll have trouble with the mortgage restructuring since he "owns" two properties, but I don't deal with these situations on a regular basis.

Anyone have any guidance? Preferably Colorado specific?

Thanks,

Keith
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  #2  
Old June 16th, 2009, 10:22 AM
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Doug Crowther
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Underwriting guidlines are much more favorable to "second homes" than rentals. The loan to value ratio available on rental homes is now 75% or less. Given your friend is already "underwater/upsidedown" there probably isn't much that can be done. On his primary residence he may qualify for a high loan to value "rate and term" refinance through FHA.
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Old June 16th, 2009, 06:28 PM
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Hang on if he can, not too many options with his current LTV. Talk to small banks, use other collateral if possible. Don't short sell or any other drastic measure unless there is no other option.
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  #4  
Old June 17th, 2009, 07:53 AM
Monkeyboy

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Thanks guys,

Those are my thoughts too....I've directed him to go visit with the local lender agents and at least begin the conversation.

I'm pretty sure that they're not eligible for our Dear Leader's "mortgage restructuring" programs while owning multiple properties....we'll see...

Cheers,

KAA
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