It can be done and will depend on the landlord in question. If you are going through a management company you will have a tougher time as they are strict. If you go directly through a landlord and can prove you are on the mend you might have better luck.
Hi T_phD, I would suggest you speak with a local lender and i can suggest a few, please contact me and I would be more than happy to supply you with their information. Once you and your partner do get qualified, I would love to put my many years of real estate experience to work for you to find you both the property you are looking for. Look forward to hearing from you, Julie Lucia, Realtor, Coldwell Banker Realty 2000, firstname.lastname@example.org. 203-578-5631.... more
You are wrong regarding FHA down payment. FHA is now 3.5% down and MIP( PMI) is required regardless of the percentage down. There are income limits for CHFA, therefore you should consult with your Mortgage Loan Officer as there are exception to the rule.... more
First of all, if a seller defaults on his or her loan and misses 3 payments, the lender usually starts foreclosure procedures. It seems as though the sellers in this case were in default and you may not have been aware of it, so one of the things the seller can do is try to stop the litigation. In this case you should consult a real estate attorney to advise you and guide you in the right direction.
I recently closed on a property that was in a very similar situation. Depends on how far the litigation process is, the attorney should be able to help you.
Good luck and best wishes.... more
To be honest - when a home is currently in litigation prodeedings for a strict foreclosure, that means you may have a difficult time to entertain with your bank to sell your home under a phrase called "short sale". What a short sale is - defined as simple as can be, when a home owner wants to avoid strict foreclosure and make an agreement with their bank to sell their home under a short sale based upon specific reasons, such as job loss, divorce, illness, un-employment and even death.
Many who specialize in short sales understand that giving you this advice once the home is already under a litigation for strict foreclosure, the best option is at this point to speak to an attorney to get the advice you need. It is a process, whereas, if you want to avoid a strict foreclosure situation, you may have to work out what is called a mortgage mediation - of which you will need an attorney for. Outside of that, if you are in fact in foreclosure litigation - it may be too late to entertain what is called a short sale. Seek your answer from a real estate attorney.... more