How to Deal With Second-Home Mortgage Problems

In times of economic stability, people often turn to real estate for investment purposes, often purchasing not only the homes they plan on living in, but also investment properties and vacation homes. Unfortunately, difficult economic times can make it difficult for individuals to keep up with payments on their second-homes and they may be forced to take action to prevent foreclosure or other negative actions.

While much of the focus during the recent foreclosure crisis has focused on persons struggling to keep their first homes, many people wonder if there are any options for dealing with their investment properties if they are struggling to make payments. If you are struggling to make regular payments on your vacation or investment property, it is important to contact the experienced Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.

Preventing Second-Home Foreclosure

Persons who own rental or vacation property may find themselves struggling to make regular payments on their investments. Common solutions for avoiding foreclosure include:

• Refinance your mortgage loan. It is important to explore your options for refinancing your loan, possibly finding a different interest rate to lower your monthly payments.
• Consider selling the home. If the value of the home is less than the realistic sales price, you may wish to convince your lender to allow a “short-sale” and accept the proceeds of the sale, even if it is less than the loan amount.
• Check to see if your lender will allow you to modify your mortgage loan.

Mortgage lenders are typically more open to assisting homeowners who are struggling to keep their primary homes, but recently, they have shown more interest in working with persons who are having difficulty keeping up with investment properties and vacation homes.

Contact Us

If you would like to know more about mortgage modification and preventing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. at 443-546-4608 today.