How flexible are mortgage lenders on second properties?
September 24, 2009 6:09 PM Subscribe
How flexible is a mortgage lender likely to be on the mortgage for a second home that looks like an investment property?
posted by anonymous to Work & Money (1 answer total)
My wife and I live in a home that we purchased in a partnership with my father in law. Since the economy has tanked and taken housing values with it, we are upside down in the loan and would like to negotiate a lower payment until the economy picks back up.
The mortgage lists my father in law as the primary owner. This property is the second home he owns but we are supposed to be making the mortgage payments. I was laid off in June and have been working on piecing together enough work to get us back on our feet.
So, how likely is the mortgage lender going to want to help us out in lowering our payments?