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48 Comments on Urgent! Your Input Needed!
Yvette and Dennis, Thank you for the kinds words! I'm doing everything I can to help them get more space. The current house is just too small - it was really best for them with one child!
Jane, We are definitely keeping the lease idea alive, but no one is excited about it - of course!
Mark, I know, but I think we can come up with solution. We have great minds here, and many who have seen these cycles before and come up with ways to overcome a down market.
Judy, a trade might work - seems like trying to find a needle in a haystack with the matching part though. Thanks!
Jim, I will - this is why I like AR - we share the help!
Caren, Believe me - we are looking for a unique miracle!!! How is your daughter??
Rodgers Team, It's encouraging to hear from someone who got this done. I may call you and see how you worked out some of the finer points!
Dawn: The current home should only count 75% of their payment against them if rented.. Unless this too has changed.
Roland, I don't know, but I will check. Thanks!!
Hi Dawn,
I would see if you can do a house swap, or find someone who will do seller financing. This is a tough situation. Hope you can come up with a good solution. :)
-Lisa
... thinking ... back later ...
Lisa, Thanks! We will!
Paul, See you soon!
Dawn - If they did rent out the current home, I know that the rental income would defray some of the debt for their ratios. It sounds like the square footage issue really has nohing to do with the chickens, right? You mentioned that the current home was simply too small for their growing family. They need/want to move regardless of the animals, correct?
They really have 3 realistic options, in my humble opinion:
How about a straight lease purchase with a 2 year close?
Kathy B
Dawn - Most of us are facing the same problems as you with our listings. I was going to make the same point Jason did - "if they did rent out the current home, the rental income would defray some of the debt for their ratios". I totally agree and think this is the best solution for most people. Check with a lender. I believe if your client can produce a lease, then the debt is forgiven because the income is taken into consideration.
Jason, Kathy and Carol, the rent/lease used to erase the debt, but that has changed. I think we are going to follow up with the USDA loan program and see if that will work, then see what we have to do with the current house to make it happen - whether that is 2 yr. lease purchase, or regular rental.
You guys are all great! The chicken farm is on the way!!!
Dear Dawn,
I thought the chickens were the problem, too.
I'll check back, if I think of a solution!
Barbara
I think seller carry, trade or maybe the USDA loan (if they qualify) are your best bets. The rules did change a few months ago which allowed rental income to be counted in the first 2 years as a rental. Now you have to wait two years before counting rental income.
Dawn, Last week I check on the USDA Rural Home Program and at this time was told they did not have any funds. They are waiting for additional Funding.
In my opinion, trying to get a short sale from the current lender would be the avenue I would check out first. I have seen some people arrange a short sale, without damaging their credit. My read of your post is that they are underwater on the mortgage and any Lease option and or rental might be playing with fire.
I can understand with the upcoming birth of a baby, that the current home may not meet their needs but am scratching my head about "Raising Chickens"
Summarizing, I see two options;
Short Sale, then Rental or purchase with assistance of Family for Down Payment
Or
Stick it out.
Barbara, thanks!
Christine, That's what my lenders have been saying too.
Tim, My client is a farm girl at heart, hence the desire for some chickens and a more rural way of life. I hope they get some funding asap - did you get any insight on when that might be?? This was a huge lifeline for me, so I'm not thrilled to hear that...
Dawn,
I will try to find out this week and drop you an email.
I agree that the program is great and very under used. For any realtors that would like a little more information about the program, Check this site
Sounds like they may have to bite the bullet or wait. Let us all know how you work this out... Sorry I can't think of anything that hasn't been mentioned already.
Dawn - unfortunately we all have clients like this at this time. There is no easy answer for the millions of homeowners in this situation. I wish there was.
Dawn, I sent an email off last night and got the reply already. They did recieve additional funds and also funds from the new Federal budget and believe they are now good the the year.
Dawn,
Unfortunately Lenn is right on this one!