subject: Pros And Cons Of Coastal Communities Beach Home Loans [print this page] People who own homes in the Atlantic coastal communities of New Jersey, Delaware and Maryland find them selves with a mixed bag when it comes to qualifying for mortgage modification NJ, DE, or MD coastal situations. Some people are permanent residents, others are retirees who just moved there and the rest own these homes as a second home, some for their own personal use and others as rental properties. Home loan modification qualifications are pretty strict when it comes to second homes. This article will look at some pros and cons in mortgage modification NJ, DE or MD coastal communities.
Here are Pros to loan modification at the Beach
1. The value of the beach homes will not fall as far or recover more quickly as beach area property will always be desirable. This may make a mortgage modification NJ, DE, or MD plan unnecessary.
2. Many of these homes were bought with home equity dollars. This way you do not have to worry about interest rates based on the fluctuating, and often unreasonable value of beach community property.
3. If you live in a NJ, DE, MD coast community permanently, it might be easy to show the hardship factor that is needed for the home loan modification qualifications as anything near the Atlantic Ocean has value that is higher than the same house a hundred miles inland. If your rates are jacked up due to property value, and your salary stays the same, that qualification requirement can be easily met.
4. If you owned your home long before the housing crisis hit us, your equity that was built up will probably hold and you will not end up owing more than the house is worth.
Here are Cons to loan modification at the beach
1. Most loan modification NJ, ME, or MD programs and everywhere else for that matter, covered by the Federal Stimulus plans only will work for the primary home.
2. Owning a secondary or rental home might make you be less of a financial hardship if you need to look into home loan modification qualifications for your primary home.
3. If you are having trouble refinancing your primary home, and if you used home equity money to buy it, you might have to consider selling the secondary home to get the cash you need..
4. Many of these million dollar ocean front homes have lost a significant amount of value in the last few years, so what you owe more than your house is worth. Most home loan modification plans will not consider changing the value of the home. They assume it will go up.
Obviously this issue of loan modification at the beach communities goes much deeper than what was discussed here. People who need further information on loan modification NJ, DE, MD plans, will definitely benefit from talking with some loan modification professionals who will help them sort through all of the rules and policies for home loan modification qualifications in Atlantic coastal communities.
