Are there any remedies for people who own a second home?
September 3rd, 2009 by Jarad S.Question: Are there any remedies for people who own a second home? I see a lot of help for primary home owners only. What about for people who use their own life savings to invest on real estate? Is anyone out there on the same situation with a good solution? Please HELP!!!!!
Answer: -Well, I’m sure you’re not the only one out there feeling the pain and have spent all their savings on buying homes either as investments or for themselves. The best thing you can do is work closely with your lender to see if you can do a loan modification, or try to do a lease option or even rent it out temporarily until the market turns around. At least that way you have some income coming in to pay part or all of the mortgage.
