Buy a home after foreclosure, short sale or deed-in-lieu-of expert
Helping families/people that have lost their homes get back into another one in as little as 6 months.
I'm assuming since you visited this stopping foreclosure website, you are facing foreclosure. If this is the case, I understand how you may be desperate to do anything to stay in the house, avoid foreclosure, etc. but going through this company is not in your best interests. First of all, only your lender can agree to accept a short sale. What if your lender doesn't accept the 60%? I cannot almost guarantee there will be no lease option to buy back and even if there was, the bank will not allow you to live in the house or rent/lease it. Read Jack's answer below.
If you wish to stay in your home, your best bet is to first see if you qualify for a loan modification. If you do not qualify and do not have sufficient income to keep your home, unfortunately the best thing to do is to let it go but now through this third party. Work with an experienced agent in your area and try to do a short sale. You will eventually have to leave the home and a short sale is a better option than having the bank foreclose. You can rent for a few years or live with relatives and maybe be able to purchase another home in a few years. I know its not the option you want to hear but its reality. Try working with your bank first and do not use or listen to any of these third party companies involved with purchasing short sales, buy backs, etc. Many, if not all, are scams.
The New Jersey Courts are now offering foreclosure mediation which may be an option for you or Hope Now may be able to assist.
Good luck and beware of these companies. They prey on foreclosure victims.
Gina Chirico, Sales Associate
973-575-6353 ext 17 office
If you're facing foreclosure, I understand that you will practically do anything you can to stay in your home
We are a professional short sale service. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Be very careful what you get into!! First thing I immediately question is how they can guarantee that they will short sale your house and buy it for 60%. How is that possible? The bank, your mortgage holder, is the one setting and agreeing to a final price. It's an empty promise as they do not control the selling price. Most likely they'll try to snow you after the fact with a higher inflated price that almost magically makes their number 60%.
They then will set up the lease purchase agreement at, you guessed it, the highly inflated value to make sure that at the time you can actually exercise your buy option you either pay too much or you decline buying leaving the money you set aside for the lease purchase in the hands of the seller.
Another worst case scenario: You're renting after the short sale went through. They now own the houseand do a refinance for the actual value getting whatever cash out that is possible. Then they stop making payments while collecting rent. By the time you find out that a foreclosure is under way they disappear leaving any lease purchase agreement up in the air.
Suzanne called it down below: If it sounds too good to be true, it almost always is.
RE Appraiser - Vollenberg Appraisers
Realtor/REO Asset Manager - NJ Real Estate Associates LLC
I would suggest that you talk to my Certified Property Expert Joel Gruenke. He has helped many homeowners through this. There are many programs out there that he knows that may even enable you to keep your home. Shoot him an email and I am sure he can at least give you some sound advice.
Janet Larsen, Broker/Associate
Remember, if it sounds too good to be true, it probably is.
I would suggest hiring a local brokerage who does well with short sales look at your home and consider listing it and getting it sold.
Hit a rental, live below your means and get on the track to repair your credit and save some money. Within just a couple years, you'll be good as new and can buy whatever it is that you qualify for.
Once your property is listed, tell this company they can buy it if they wish. Chances are, if they can't get it for the deal they want, they'll drop it like a hot potato just before foreclosure and then what?
As for tenants not having rights? That's ridiculous! Tenants rights in most states are very strong, if not tenant leaning.