Short Sales are only short on money owed but are not short on time. Work with an agent who stays up to date on the short Sale process as it is changing daily. I have 3 certifications and yet study all the time to stay at least abreast of the changes. Be patient, be diligent, have paperwork ready quickly and cooperate.... more
I am wondering why you did not add yourself to the loan on the property if you were the one's who were making the payment!? For most lenders, if you can show 12 month of cancelled checks and utilities that were in your name, it's enough to establish credit for you to be added to the loan.
But I agree with the recommendation that Thom has about talking to an attorney to find out what your exact options are. As far as the lender is concerned you are a tenant, but tenants have rights too. In California, if a rental property is being foreclosed, tenants have up to 90 days to vacate and most of them can negotiate a cash-for-keys deal where the lender will pay them several thousand dollars to move out without damaging the property.
You should seek the advice of an attorney ASAP. Do not do anything "under duress". Are the bank loans in your name or in the former owner's name? If they are in your name do not Deed in Lieu to the former owner without first speaking with an Attorney.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
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