IL – 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 dtoomey@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Dennis Toomey.
Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor:
Phone: (847) 338-0180. dtoomey@remax.net.
For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy!
View My homes for sale at www.HouseByZip.com.
Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. 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 Dennis's personal views and do not reflect the views of RE/MAX Action.
This information on 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.
Short Sale Question: Can I short sell my house and rent from the new owner?
IL – 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 dtoomey@remax.net. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Dennis Toomey.
Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor:
Phone: (847) 338-0180. dtoomey@remax.net.
For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy!
View My homes for sale at www.HouseByZip.com.
Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. 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 Dennis's personal views and do not reflect the views of RE/MAX Action.
This information on 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.
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