Has Anyone Offered To Rent?

[howszful]

It would have been nice to have found this board many months ago. I am not going to talk about all the phone calls, as you have all been there and it is no different for any of us.

So, in a rather large, but informative nutshell:

May 06 - Had an "opportunity" to purchase the house we were renting at what turned out to be the top of the market in California. Husband's job (law enforcement) comes with lots of mandatory overtime. Mortgage payments are almost exactly twice our rent payments. That's okay, he loves his career and it'll make paying the mortgage payments less painful. Mortgage in the original Greek breaks down to mean "death grip" by the way. I just found that out. Thought that you all Hello. My name is Cathy
might like to know. Not that it's comforting...just accurately describes the feeling.

December 07 - Husband injured at work.

January 08 - Still working, but no overtime, waiting for approval to figure out how bad the injury is. Mortgage payment tough, but do-able.

February - Still working, injury needs surgery, missed first house payment.

March - Not working, awaiting surgery, Surgeon says it's going to be long term recovery, don't want to play the game of "Sorry, your account is delinquent, we can't help you until you bring your account current." ***scramble, beg and borrow to make payment so they can help us*** followed by the "Oh, I see your account is current, we can't help you until your account goes delinquent." missed another payment, hired an attorney for chapter 7 bankruptcy, we figured foreclosure can't be far behind.

April - Waiting for surgery.

May - Surgery & Bankruptcy Court.

June - Physical Therapy.

July - Physical Therapy.

August - Physical Therapy, bankruptcy discharged, house sold at Trustees Sale (OOMC/AHMS "bought" it from themselves), waiting for notice to get out.

September - Might be going back to work somewhere around the middle to end of this coming month, if released from the Surgeon. We should know by Tuesday of next week.

My question is, has anyone offered to rent the home they are loosing? Just because home ownership was no longer an option for us through circumstances beyond our control, does not mean that we are ready to leave. This house is not going to sell anytime soon. Nothing is selling here. The house across the street has been for sale for over 2 years. Others on our street have been on the market for a year to a year and a half.

My stuff is all here, I don't want to leave. I want to offer to rent it from them.

I offer security. Other empty, foreclosed homes are getting broken into and vandalized.

I offer maintenance. Other empty, foreclosed homes are dry, overgrown, firehazzards and eyesores.

So, what do you think? Any suggestions?

[schwefls]

Welcome to our forum howszful:

I wanted to stop in say hello and assure you, you are not alone. Shortly someone will be reaching out to you to address your questions and provide you with some sound advice/suggestions. In the interim please hang in there and know that we are here for you.

[howszful]

So weird...somewhere between the typing of my first post and the posting of my post, the opening line saying hello and introducing myself got stuck in the middle of my line about mortgages being death grips. Oh well, I tried posting several times earlier in the day and it kept telling me that the site was unavailable or something like that. I am just glad I finally got to post! It should read as two different sentences that are only somewhat near each other. Like this:

Hello. My name is Cathy

***and***

Mortgage in the original Greek breaks down to mean "death grip" by the way. I just found that out. Thought that you all might like to know. Not that it's comforting...just accurately describes the feeling.

Next time I will preview my post.

[faith]

Hello Cathy,
I am very sorry for what you are going through right now.

Have you tried sending a financial hardship letter to your lender explaining in detail why you can not afford to pay your mortgage and request them if they can do a loan modification to lower the interest and monthly payments? There is an example Hardship Letter to the left side of Homeowner Tool Box, maybe you should check it and go from there.

I don't know of any lender that rent their properties to the homeowners who defaulted in their mortgage. The way it works is once the homeowner missed payments, at least 3 months, the lender send the default notice to the homeowner and start foreclosure process.

Who is your lender? There's a lot of success stories in this forum that you can check all the stories including the lenders and probably will give you an idea how to approach your lender. You need to call, email and write your lender and do not stop until they answer you and offer you help through loan modification, etc.

My thoughts and prayers are with you and your husband. I pray for your husband's speedy recovery.

Take care and Peace be with you and your family

Faith.

[Scott Hazlett]

Howszful,

Hi Cathy. Welcome and we are sorry for your troubles but as this forum shows...you are not alone.
You ask a great question and one that would seem to carry and "yes" answer but at this time...I have personally not heard of anyone renting back. You reasoning and logic are sound but it seems the big banks don't see things the way us small fish do.
It never hurts to try though. Put together a good proposal and get as high up the chain as you can and throw your idea out. You never know who will hear it. Start with the legal dept and loss mitigation dept of your lender.
Best of luck, keep us in the loop and keep the faith.

[howszful]

Does anyone have the current phone numbers of the legal dept and/or the loss mit dept for OOMC/AHMS?

Regards,
Cathy

[faith]

Hello,
Peace be with you!

American Home Mortgage Servicing Inc.
Customer Correspondence
P.O. Box 631730
Irving, TX 75063-1730
Phone: 877.304.3100


Faith

[vstopaz]

Hello Cathy,

I am very sorry for your hardship and troubles. I can't imagine how hard it must be. As far as a rent back to answer your question, the banks are not equipped to be landlords. I agree with the previous post that you could pay rent and stay there and it makes perfect sense, but I don't think it's possible. My best advice... it's time to move on. You had your debt discharged in bankruptcy, unfortunately you lost your house during that time. But, you can look at this as a time to start over. The LORD works in mysterious ways. Find a nice new place to rent, save your money, build back your credit, and in no time, you'll own another home at half of what you probably owed on this one. Good Luck.