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Andrea, Esq.
Andrea, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 12554
Experience:  I have practiced law for 25 yrs. with an emphasis on real estate, business law, criminal defense and family law.
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I own a property that was originally my primary residence and

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I own a property that was originally my primary residence and has a FHA and a second mortgage. I am seeking loan modifications and was told by the first mortgage company that there are no programs for FHA loans that are no longer owner occupied. Is this also true for the second mortage? The second is a bad loan with interest only for 10 years and resets to a higher fixed rate. I don't think I am going to be able to keep payments up once it resets.

Hi, my name is XXXXX XXXXX I will be assisting you.


You might be able to refinance your second mortgage under what is known as HUD Streamline loans if you meet HUD qualifications. You should go to any lender and tell them you would like to refinance under HUD 4155.1 3.C.2.e, and HUD 4155.1 4.B.3 (if it is a secondary residence), or HUD 4155.1 4.B.4 (If you are treating the property as an investment property.


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