House will lock if I can not find a way out ... Find a short sale buyer that lease with option? Is it legal for me to stay home if the buyer and I know that Flat Out, I'll send them a lease with an option for 2 years to repair my credit, then buy 24 mos.? I'm in Vancouver, WA, USA. I do not know if I can, and I do not want to lose my house.
If you can not pay the mortgage how will you pay the rent they are charging more for their benefit? If you type in your credit has already taken a shot so, how will you get a new loan to repay them at a higher price? sounds like a scam to me
Once a new owner buys your house, he can do whatever he wants. It can rent it, live in it, give you an option to purchase or take lease empty. The lease option is a great way to stay at home while you repair your credit.
If you decide to buy it two years later, another separate transaction. Selling your home for the new buyer has nothing to do with your agreement with him. " You will become a tenant after the sale.
Do not rely on the bank approving the short sale! The rejection rate for short sales is 80%, 20% only to be approved. The bank prefers to lock on it but to accept anything less than the loan balance.
Then they can sell for the amount they want. It does not make much sense, but that's what the statistics are.
1. Bank must approve the selling, and there are no guarantees in this regard.
2. Do not sit around waiting for the bailout to take effect. The rescue plan will have little effect on the average homeowner, at least in the short term. moritoriums for the seizures, and if that happens (and I have doubts about this), you will not see that happening for at least 6-8 months. someone has to get elected first. it will be too late at this point in your home.
3. Once you sell the house to someone else and title transfers, you have no guarantee they will sell it to you. they do not? you are screwed and the person just got your house at a great price. could be a scam.
In summary, you should talk to your lender and see what your options are. You should also talk to a lawyer. not sign or accept anything with the buyer. There are lots of crooks there who pray on the owners toward seizures. they pretend to care and to launch them a lifeline. only problem is that the line is a point of dissolution. Do your research here.
Just hang on - the bailout is underway, and they talk about a possible moratorium on foreclosures. Talk to your bank and see if they can also settle your loan - most are now working with people because they want more input on their books.
Posted on June 29, 2010.
