Bergen County Short Sale Question: Can I short sell my house and rent from the new owner?

Bergen County NJ – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question.

“A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a few years down the road.

This sounds too good to be true. Am I going to get in trouble with my lender if I do this? Roberta.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Roberta’s question. I am not a lawyer and can’t provide you with legal advice. I don’t know if you will get into trouble.

But, I don’t think it is a good idea. The banks don’t like it and they all have different rules regulating it. Every bank issues different short sale approval letters.

Most of them state that the owner cannot stay in the home after the sale. What kind of trouble can you get into afterwards when they find out? I don’t know. Some experts consider it mortgage fraud.

There can be legal and maybe even criminal accusations thrown against you. In my opinion, it’s just not worth the risk. The other problem is that the company wanting to buy the house is going to want to make money.

They will want to charge a rent that is higher than their mortgage payment. If you can’t afford to pay, then they will ask you to move.

If you can’t buy the home quickly enough, then they may decide to sell it to someone else down the road. So, there are a lot of unknowns.

If you can’t afford the mortgage payments anymore, and you owe far more than the home is worth then a short sale may be a good option.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at jlockard@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Bergen County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, James Lockard.

James is a Real Estate Agent at RE/MAX Properties.

Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

James Lockard specializes in loan modification assistance and short sales in Bergen County New Jersey. Bergen County Loan Modification Help, Bergen County short sales, Bergen County Short Sale Realtor, Short Sale Realtor, Bergen County NJ Short Sales, Bergen County Realtor

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Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.

This information on Bergen County Short Sale Question: Can I short sell my house and rent from the new owner? is provided as a courtesy to our viewers to help them make informed decisions.