Home Loans and Support

Broker Short Sale Of My Home To A Landlord Then Rent From That Landlord?

Discussion in 'Short Sale Outpost' started by AloneInTheWilderness, Sep 5, 2014.

  1. AloneInTheWilderness

    AloneInTheWilderness LoanSafe Member

    My wife and I are facing foreclosure-we do not have a government backed loan, so no possibility of HAMP/HARP/etc... We do not qualify for our banks modification program because we make too much. We can't even hold them off for more than a year or so if we default because it's a small local bank, no hope of tying them up beyond the normal judicial period for New Jersey. The thing that really burns is that we don't want to leave the home, our town, our friends, our neighbors, etc... It's the only home our daughter has ever known.

    We have some friends who are financially much better off than we are who have been amassing rental homes in the down market. Would it even be in the realm of possibility to attempt to broker a short sale to them rather than walk away from the home? We figure they would get the house for a song, and be able to rent it to us to cover the mortgage, taxes, and insurance, which would be less than what we're paying right now. They would be getting good reliable tenants that they've known for years, and we'd be getting to stay in our home, at least until we are back on our feet and ready to move on.

    I should also add that we received a CH7 discharge 18 months ago so we would not be liable for the shortfall on the sale. I know that short sales are never easy, but I'm wondering if we should investigate this option further.
  2. Moe Bedard

    Moe Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello,

    I'm sorry to hear about this. Sometimes local banks can be unforgiving and move much quicker than a big national bank as in this case.

    You should ask for a short sale , and I think it is a possibility, but they may also be tough to deal with in this situation like with your loan modification. What about a repayment plan where you pay double payments or your payment plus 50%? That would be a solution or a short sale as you mentioned.

    Your friend owning rentals is good because if all else fails I assume you can rent elsewhere. You have to hope for the best and plan for the worst.

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy