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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 23936
Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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After doing a loan modification, r u required to live in the

Customer Question

After doing a loan modification, r u required to live in the house, or can it become a rental
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 3 years ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good evening. Was this loan modification through a government program or in-house, through the lender? Also, when you filled out the application for the loan, did it restrict or impose any conditions to it being used as a primary residence?
Customer: replied 3 years ago.
I have not applied for loan modification yet. I had a mortgage through Bank of America, but they just sold my loan to another bank. It is called HAMP program, it s a government program but everything is done through my bank.
Expert:  RealEstateAnswer replied 3 years ago.
Thank you for the additional information. No, you may not be required to live in the home, as the requirements for the HAMP program have expanded. In an effort to continue to provide meaningful solutions to the housing crisis, effective June 1, 2012, the Obama Administration expanded the population of homeowners that may be eligible for the Home Affordable Modification Program to include:

Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.

Homeowners who previously did not qualify for HAMP because their debt-to-income ratio was 31% or lower.

Homeowners who previously received a HAMP trial period plan, but defaulted in their trial payments.

Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing.

As such, when you apply for the program through BOA you will likely be asked to disclose the status of the home and if you intend to occupy it as your primary residence or if it is a rental Any terms, conditions or restrictions, would clearly need to be stated in the modification, that you agree to.

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