It can affect not only the credit but future job opportunities and your financial position down the road.
My assumption is that you have tried the modification route including the latest revision (improvement) effective June of this year. If you have not been able to get the modification, the next step is a short-sale of the home. There is a much lesser impact on you (near and long term) then the negative impact of a foreclosure.
It is best to know all your options before making that final decision. Give me a call and we can discuss in more detail.
I have assisted people in home ownership for 30 years, bought many houses and other properties and can share the pros and cons. Not too many pros right now but the market is cyclical as is our economy (Hope). Should home ownership become a financial tool, rather than just a place to own and live in, then being a real property owner may make you some money.
Do not rent out a home facing foreclosure! You could go to jail! Lease Purchases are risky in that you just don't, at this moment, what condo prices will do. Just rent.
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
If you decline the offer to loan mod then you have the option of short selling.
Depending on what state you live in, I usually suggest short selling over foreclosure.
Is the loan purchase money? Where do you live?
You may be able to find owner financing on a property when you want to buy.
If you need help short selling, visit Janus Equity Management
Movingsoon and totally frustrated!
Yes you can lease purchase or find owner financing. For example I have a home at 3376 Montheath Pass in Duluth I will do owner financing on but only if your financial situation is now stable.
Atlanta Housing Source at
Solid Source Realty, Inc.
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management â€“ http://www.SolidSourcePM.com
Don't do a lease purchase as a buyer. 80% of them don't close for a reason and if your credit is going to be lack luster for awhile you would lose your down payment and there is no reason to put that much money into someone else's house. On the other hand as a lessor this is no reason not to offer it. You would get more up front cash as a down payment then you would normally get just as a deposit plus you have someone that will take care of your property as if it is their own home...
If your home is current on it's payments then renting it out to someone is definitely an option. It all boils down to goals. What are your end game goals? Your starting point is also important. Post a little more information and we can help guide you to where you want to go!
Ken Cook 678-439-8683
FMLS ID 208452
Employer: AmericaHomeKey, Inc. 2300 Windy Ridge Parkway, Atlanta GA 30339. Georgia residential mortgage licensee #23191. FMLS ID 15076. Equal housing lender. Subject to errors, omissions and changes.
404.580.3433 Direct Line
678.306.0641 Direct Fax
Licensed Auctioneer AU003693
I do own a Property Management company. So I can help you if, after we talk, all the answers are answered the right way :)
Feel free to call me.
Should you rent your current property? You mean rent out the property on which you expect the bank to foreclose? No. That'd be dishonest and unethical.
Can you do a lease-purchase for a condo or townhome? Yes, if you can find an owner willing to do so. However, recognize that a foreclosure will remain on your record for years. So while you might be able to enter into a lease-purchase agreement, you might have a great deal of difficulty actually purchasing the property.