I am aware that most of the hardship programs, like HAFA, state very clear that you must be living in the property... in order to qualify for such program...from this information..you make you own conclusions. Wish you the best of luck.
I am assuming you discussed all available options to you with your attorney, to include a possible short sale? Being upside down is an unfortunate situation for many home owners these days with many being $60k-$100k under water. However, I understand by your post you have not paid the mortgage payment for nearly six months but you are renting instead. The rental income your attorney is suggesting you get would most certainly off-set your rental payments, plus you have six months of what would have been mortgage payments in the bank.
I am unclear as to why you moved out of the house although you are six months past due. The processes leading up to a foreclosure can be lengthy and may take months or a year or two to complete. I can only gather that you may have been advised to move out and then rent the property for the extra income until foreclosure date. At the end of all this I would assume you will have a nice sum of money put away to rebuild on your housing future.
CLICK AT THE LINK ABOVE.
RIGHT HERE IS THE LINK. Another is THE HAMP. You maybe can save your home too.
Everything in life has a solution. I hope you have a good day and sleep well at night. THERE IS A SOLUTION FOR EVERYTHING
My tenant actually recently got $35k from Chase as an incentive for him to complete a short sale. He was an owner/occupant so I'm not sure if you could get a similar cash incentive if you've already moved out of the house.
All the best,
As an agent here in Miami, I have worked with many sellers in your current situation, and it clearly is a very tough time in your life and one that I can assure you will pass. Many homeowners find themselves in this situation, and you need to sit with your attorney and find out what your options are. It does appear you have already tried a modificatin and that just seemed to add to the problem by adding more to your mortgage balance. From what I can see you can do the deed in lieu, if that is what your attorney has advised. Another option you have is to contact your lender and ask what their procedure is for you to place your home on the market for sale, as a short sale. Depending on the lender and your reasons for your inability to meet your mortgage obligations, you may still qualify for assistance for relocation, even though you have already moved out. The banks prefer to deal with a short sale than going all the way through a foreclosure as it yields them less money. Based on what I have been encountering with the bank now on the short sales, they are moving a lot faster at approving them, and even waiving the right to go after the homeowner for the balance that would be remaining due to the short sale. Once the bank has advised you on how they want the short sale handled, you can find a local Realtor to list, market and sell your home.
The choice is your on whether you rent out the home based on your attorney's advise, but just know that it may then complicate things just a bit if you go under contract with a buyer. What then do you do with the tenant? As the owner of the home you do have the right to rent out the property, but just keep in mind that this too can bring you some additional stress you many not need at this time.
I wish you the best of luck on getting this behind you in the shortest amount of time possible.
RE/MAX Advance Realty
Debbie Albert, PA
Kellwer Williams Port St. Lucie