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Is mortgage modification only possible when the house is a…

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Is mortgage modification only possible...
Is mortgage modification only possible when the house is a primary residence? What if one person, whose name is XXXXX XXXXX moves out? What if the mortgage modification is appproved, is it possible to rent the house afterwards and convert it to the investment property? The question pertains to New Jersey.
At this point Chase has denied the mortgage modification because I listed New York as mailing address on 2009 tax returns, our house in New jersey was our primary residence and still is, how can I convince Chase of that fact? Bills, banks statements, what else? Letter from the school with our New Jersey address?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
6/11/2010
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Each lender is free to set its own restrictions for in house loan modification. Basically a lender will modify if the lender determines that it will mitigate its losses. Rather than trying to prove that you live at the New Jersey address, consider waiting 2-4 weeks and
submitting a new modification package with the New Jersey address. Most lenders will only look at the latest modification package.

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Customer reply replied 8 years ago
can you please tell me if you know about any restrictions concerning Chase such as primary residence vs rental for mortgage to be modified
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
I have handled modifications involving Chase. They all involved primary residential property
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Customer reply replied 8 years ago
ok, can you please be more specific. Our situation will be the following, I will stay in the house, my husband will move out temporary for one year due to family emergency. Can I still claim it as a primary residence? The title and the mortgage is under both of our names. What proof should I submit for primary residence?
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago

Can I still claim it as a primary residence?

Yes. It would remain your husband's primary residence as well even though he is temporarily staying elsewhere

 

 

The title and the mortgage is under both of our names. What proof should I submit for primary residence?

Typically they request tax returns and payroll stubs.

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