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Do I qualify for help under the current moratorium ...

Do I qualify for help under the current moratorium for a rental property? The house is in an area where the rents do not cover my payment . . . also I am Up-side-down. I cannot contiue to carry renters at my cost of $4,000 year. I am getting too close to retirement. When my last renters moved out, I stopped making the payment as of May 1 '09. The house is for sale as a short sale. I faxed over short sale application and I am still waiting to hear from the lender. Any help for me? Thank You, Laura

 


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"FIGHT FORECLOSURE: How to cope with a mortgage you can't pay, Negotiate with your lender, and Save your home!" (Wiley2008)

If you lose the property to foreclosure, your (former) tenants may be permitted continued occupancy through the term of the lease by paying the rent  to a court or lender appointed rent receivor.

Few lenders or loan servicers will make a determination on a short sale request unless a bonafide offer to purchase accompanies the application... plus a preliminary HUD1 aqnd other criteria whioch can differ from lender to lender and from loan to loan.

Your loan servicer should be able to tell you if the owner of your loan allows preforeclosure short sale as an option... before you make application and before you waste time and effort.  Some loans are not permitted a short sale option, and require the loan servicer to force the defaulted loan through the foreclosure process.

www.spoch.org
Posted 2009-06-17T16:21:49Z
USADave was invited by Yedda to answer this question.

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Chat live with a Conquest Resolutions Representative

http://www.loanmodificationshelponline.com/live_chat.html

Although the priority is always given to the Owner Occ, but now the lenders are also considering the investment as well. The best thing to do is let me fill out the financial analysis sheet. It is not hard and it answers a lot of questions. I would need to make sure that we used your net income and other than taxes what else is being deducted from the pay.
Average everything to monthly. We could set up an appt to do that if you like. Just call the 800 number in my profile or send an email with your contact information. You may be eligible to save a considerable amount of money. Hurry before things change as it appears things could change very quickly.
Posted 2009-06-21T14:58:52Z
noticeablejewels was invited by Yedda to answer this question.

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