I'm in foreclosure, short sale isn't working, so I need to try a mod.+ I need relocation money. Any short cuts or advice?

short sale was for their profit and not mine.

Asked by Richard

4 Answers

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Answered by Michael
Have you considered renting the property to someone who cannot obtain financing? There are many people looking for a home but they dont qualify for a purchase in todays market. You can offer to do a rent to own option on Zillow for free and people will typically pay a higher rental price if they know they will have the option to buy the home in the future. | 09.02.14 @ 20:10
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:11
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Answered by Michael
If you find a renter for your existing home, you can use the rental contract as evidence for projected income and it will be the same as if you have been renting it out for two years, provided you supply a copy of the signed lease with a canceled check for first months rent and deposit. Cannot be from a family member, needs to be someone not related to you. | 09.02.14 @ 20:12
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:11
Answered by Caroline Gerardo, C G Barbeau in Newport Beach, CA
Do you have any equity? You won't be able to get a modification quickly and the rental idea isn't a solid one. What could you expect if you rent to someone who is in financial problems ? More trouble. Short sale doesn't stall foreclosure unless the lender or lenders agreed to the short they can't process both at the same time. | 10.27.15 @ 20:46
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:11
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Richard,

First, why is the short sale not working? If no equity, perhaps you need to move out. look for affordable housing

On renting your foreclosed property. Seriously? Would you rent from someone knowing that the soon to be new owner may not honor the terms because of new ownership. Now if the renter wants to buy the house and satisfy all the debt, then rent it back to you. Maybe, but my initial question still holds, Why is the short sale not working?

What other assets can you liquidate for relocation and living expenses?

Here are some websites for more information:
http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure
http://www.needhelppayingbills.com/html/mortgage_assistance_and_forecl.html
https://www.makinghomeaffordable.gov/pages/default.aspx


We invite you to contact us directly to discuss your situation in more detail. No obligation.

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| 04.01.16 @ 23:54
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:11
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