Those worrying about "who will rent to us now?"

[knownick]

Spoke with the real estate agent, she was a real nice lady. She said I don't negotiate with her but rather directly with the bank (Freddie Mac). She will forward my contact information on to them and someone will supposedly contact us within 7-10 days.

Meanwhile moving day is tomorrow, so we're planning to swing by the place at least once a day and keep it looking "lived in" until we negotiate something with the bank.

Second loan called again today to ask what our "intentions" were with the property. I said it was sold on the first of the month and we were on our way out. Then they asked if it was a purchase money loan and I said yes. They said thanks and that was that. Wonder if that means they'll take the hint and stop their collection efforts. Something tells me not, but anything is possible.

[Sparky06921]

knownick,

Refresh my memory please...was your second through WFB?

[knownick]

Originally Posted by joe84780

knownick,

Refresh my memory please...was your second through WFB?

Yes. A purchase money HELOC.

[knownick]

Update, went by the house today (like I've been doing every day) and found a note on the door from an attorney offering a cash for keys agreement! We were just about to give up, figured we weren't going to hear anything from anyone we were served with an eviction notice (or they figured the place was empty and changed the locks).

They offered $5,000 if we can be out within 30 days, $3,500 if we vacate between 31-60 days. All the usual stipulations, leave it broom clean, leave the appliances, etc etc.

Needless to say we're very excited. A silver lining to the end of this mess.

[weneedpeace]

This is reassuring!

Did I read correctly, that they will also offer 'cash for keys' to a tenant residing in the property?

We transferred with the military 1 1/2 years ago and have tenants living in our home at a substantial loss ($1,000+/month) and had been trying to hang on to (a loosing battle of sinking and treading water that we can't do any longer). We're trying to get a loan modification through Wells Fargo but it does not look favorable.. Our tenants are military, and there's been a new program established where the military will cover a short distance move for displaced military tenants (due to foreclosure) but that would be a silver lining for them, if they are also able to receive some additional cash from the lender. (Along with their security deposit back, which we still have in escrow for them).

Anyone with tenants who have recently foreclosed that can provide insight on this?
The home is in Virginia.

[knownick]

The paperwork that was left on my door was quite clear that it also applied to non-owner tenants if the place was rented.

[weneedpeace]

That is great to know!

Regarding your OP.. we also had not feared how we would rent, should our out of state home be foreclosed on. When we transferred to the new duty station, we signed a 3 year lease term after living in temporary apartment (corporate type housing). We'll have over 3 years of 'good payment history' and recommendations from two different landlords. This is a strong military community, where we are planning on retiring. We have so much documentation and this house was no longer our four walls. I think in 3 years, if we're unable to extend our lease with our current landlord - property managers and landlords in this area will not even blink an eye at an individual who has a 3 year foreclosure on their credit report. Like the Great Depression, at the end of this.. there will be a strong % that have been adversely affected, and I think that landlords continuing to lease to otherwise quality renter prospects will be more concerned with other aspects.

Also, there are several major property management corporations that manage apartment communities nationwide. Surprisingly, they weigh more concentrated on background checks vs. credit reporting. Two that I worked with while I worked in real estate, were more focused on consistent documented income and screening for past 'evictions' vs. a foreclosure.. Three property managers that I was associated with were starting a 'case by case' determination, and it was ultimately up to their landlord/owner to over ride their 'automated' credit decision. The point is that for those that are facing foreclosure, offering a 2-3 month security deposit to a landlord that may express some concern may get you farther than you think with securing housing.

[sharona]

Originally Posted by knownick

Update, went by the house today (like I've been doing every day) and found a note on the door from an attorney offering a cash for keys agreement! We were just about to give up, figured we weren't going to hear anything from anyone we were served with an eviction notice (or they figured the place was empty and changed the locks).

They offered $5,000 if we can be out within 30 days, $3,500 if we vacate between 31-60 days. All the usual stipulations, leave it broom clean, leave the appliances, etc etc.

Needless to say we're very excited. A silver lining to the end of this mess.

Knownick,

Were you served with an eviction notice?

Sharona

[nativelasvegan]

I am a leasing agent.
I can honestly say to anyone who applies for a place with us who has attempted a modification that lead to a foreclosure, "I can understand."
The most important thing I consider is whether a person has been evicted.
If you go through a private owner (not a management company), most owners do not know how to do a criminal background check and/or credit report.

[knownick]

Originally Posted by sharona

Were you served with an eviction notice?

No. This offer said that if I do not respond to it within 10 days, they will proceed with the "formal eviction process".

That should read above "We were just about to give up, figured we weren't going to hear anything from anyone UNTIL we were served with an eviction notice (or they figured the place was empty and changed the locks)."

It's a shame you can't go back and edit your posts around here.

[Surviving101]

Originally Posted by weneedpeace

That is great to know!

Regarding your OP.. we also had not feared how we would rent, should our out of state home be foreclosed on. When we transferred to the new duty station, we signed a 3 year lease term after living in temporary apartment (corporate type housing). We'll have over 3 years of 'good payment history' and recommendations from two different landlords. This is a strong military community, where we are planning on retiring. We have so much documentation and this house was no longer our four walls. I think in 3 years, if we're unable to extend our lease with our current landlord - property managers and landlords in this area will not even blink an eye at an individual who has a 3 year foreclosure on their credit report. Like the Great Depression, at the end of this.. there will be a strong % that have been adversely affected, and I think that landlords continuing to lease to otherwise quality renter prospects will be more concerned with other aspects.

Also, there are several major property management corporations that manage apartment communities nationwide. Surprisingly, they weigh more concentrated on background checks vs. credit reporting. Two that I worked with while I worked in real estate, were more focused on consistent documented income and screening for past 'evictions' vs. a foreclosure.. Three property managers that I was associated with were starting a 'case by case' determination, and it was ultimately up to their landlord/owner to over ride their 'automated' credit decision. The point is that for those that are facing foreclosure, offering a 2-3 month security deposit to a landlord that may express some concern may get you farther than you think with securing housing.

Hi Weneedpeace,

We are in a similar situation as yours. We are also military, due to a military move and the fact that I am unemployed, we are no longer able to paid our morgage. We were trying to rent our place, but we havent been able to find renters. We have run out of saving trying to save our home and having to rent and pay bills in our new location is taking a told on us. We are current in our morgage payments but will not be able to pay starting next month. Thanks to all my reading and reasearch on these posts, we decided that walking away might just be the best thing for us. Banks, specially Wellsfargo, are very hard to work with. We just dont have the energy anymore, even more so when the outcome will be the same with a DIL, Short Sale, or foreclosure. We have a VA loan, and we want to find out if the VA will come after us after they pay Wellsfargo?

[AZOwner]

Thank you for the laugh -- I was laughing out loud at your original post.

Good luck, Gods Speed, and hang around -- our work isn't quite done!



Peace