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Northeast OH Short Sale Question: Can I short sell my house and rent from the new owner?

Northeast OH – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question.

“A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a few years down the road.

This sounds too good to be true. Am I going to get in trouble with my lender if I do this? Roberta.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Roberta’s question. I am not a lawyer and can’t provide you with legal advice. I don’t know if you will get into trouble.

But, I don’t think it is a good idea. The banks don’t like it and they all have different rules regulating it. Every bank issues different short sale approval letters.

Most of them state that the owner cannot stay in the home after the sale. What kind of trouble can you get into afterwards when they find out? I don’t know. Some experts consider it mortgage fraud.

There can be legal and maybe even criminal accusations thrown against you. In my opinion, it’s just not worth the risk. The other problem is that the company wanting to buy the house is going to want to make money.

They will want to charge a rent that is higher than their mortgage payment. If you can’t afford to pay, then they will ask you to move.

If you can’t buy the home quickly enough, then they may decide to sell it to someone else down the road. So, there are a lot of unknowns.

If you can’t afford the mortgage payments anymore, and you owe far more than the home is worth then a short sale may be a good option. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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