If you have received foreclosure paperwork from the bank, do not pay anymore rent to the Landlord. You should go to your bank and set up an escrow account. On the 1st of every month, deposit rent into that escrow account.
I can certainly contact the bank and try to work out a short sale for you. The bank would definitely rather sell you the property which you occupy than have to foreclose and evict you.
Please call me at your earliest convenience so we can arrange a time to meet and discuss your situation. I'd be glad to help you buy the house. I'd take care of all the paperwork and negotiating with the bank for you.
You can reach me directly on my cell at 267-254-7994. I look forward to speaking with you soon. Have a great weekend.
All the best,
REALTOR, Property Manager
Cell/Text: (267) 254-7994
simple answer - NO. furhter simple question...how close is the property to foreclosure ?
this is very important to you. the bank has more rights than the tennant, and if they foreclose could chuck you out in the street with very little notice.
if i were you, i would be looking to move somewhere else.
the complicated answer is....what you want is sort possible, but not as you suggest. it is probably more complicated than moving.
DO NOT EVER pay someone elses mortgage. all you can do is lose, becuase you still owe the rent, and in any case, you don't own the house so all you are doing is paying off someone else's loan, without getting any legal security for yourself. the bank
if you want to try to buy the home, and stay here....
the best answer is....get yourself pre-approved for a mortgage, with a reputable company. if you cannot get approved for a mortgage, then the entire question is moot. if you can,
approach the owner to buy the property from them. for your own security, make him/her show you their mortgage statement on the property so you know for sure if this is a short sale or not. enter into a binding agreement of sale for the property, with short sale addenda if needed.
IF A SHORT SALE - DO NOT DO THIS WITHOUT AN AGENT OR ATTORNEY. ONLY USE AN AGENT OR ATTORNEY WHO IS ALSO EXPERIENCED IN SHORT SALES.
if it is not a short sale, i would still suggest you use an agent or attorney, but the need is less critical. but since the owner is at least a little behind...its crazy to NOT use an agent or attorney. an agent does not cost the buyer any money. why would you not want professional advise on the biggest financial move in your life, that is essentially free to you.
i am glad to serve you and your landlord if you wish. i have completed 5 short sales or REO sales this year, inside the city limits of Philadelphia. I know the city, and also short sales.
whether or not you chose me, this is not the time to use your friend who does 3 transactions a year, and who has heard of short sales, but never done one, and is sure they can help out. that's a bad decision. short sales are difficult even for the agents who know how to bring them to a close, and require patience by all parties.
call / write / text if you would like to talk further but privately.
long & foster real estate
Common Ground Realtors
3937 Chestnut Street
Philadelphia, PA 19104
V.I.P. Realty Corp
You will have to qualify for assumable mortgage with your landlord's lender in this case.
But, its true, your options very wide if you wish to consider the purchase of a home. You may then also apply for FHA loans with low down-payment especially if its your first home purchase.
Please feel free to call me if you wish to search for your new home.
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-449-1919 x.223
Dmytro V. Bova
227 Haverford Avenue
Narberth PA 19072
Never Stop Building