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EZ Press Release -- August 25, 2010 A variety of different homes around the United States are ones that work with multiple units. Anyone who is having tough times with paying off a mortgage loan on a home like this should know that a loan modification can be used in this case. Homes that have up to four units in them can be handled through a loan modification service. This is very beneficial for those who have had to deal with difficulties when it comes to handling homes like these.
A loan modification will be used on a home like this as a means of making it easier for a person to handle a home with multiple units. This is especially useful for cases where a person is dealing with a substantial financial hardship. It can also be beneficial in cases where a person is not getting rent out of every single unit that the person has to deal with. All homes with up to four units can be handled regardless of the number of units that are being occupied at the time. A property that is fully occupied in each unit can be handled in a modification.
There are a few important standards that must be used in order to make it easy for a loan modification to work on a home with multiple units. First there is the standard for how much money is left on one’s mortgage. The amount of money that can be handled will vary according to the number of units. For example, a home that has only one unit can work with a loan modification if that home has an unpaid principal balance of $729,750 or less.
The unpaid principal balance standard will be higher when more units are involved in a home. A home with two units can get into a loan modification when the unpaid balance is equal to or less than $934,200. A home with three units has a standard at $1,129,250 while a home with four units has a standard at $1,403,400. These are all values that have been determined by the United States government for people who want to enter loan modifications on these properties. A person who wants a loan modification will need to meet these standards as a means of showing that a person will not be trying to buy a property that one cannot afford in the first place.
Another requirement is that the person who owns the property that has multiple units must live full time in one of these units. This means that the person must be paying money for one’s own unit and that the person must actually reside in it at a regular basis.
This is a good thing to take a look at when getting a loan modification ready. A loan modification will work when up to four units are used on the same property. It will help though to see that the proper unpaid principal balance standard can be met in order to get into a modification.