Home Selling in Alban Hills>Question Details

Jc, Home Buyer in New Mexico

im going through home modfication through my lender to lower my payment. there is a person insterested in buymy home butthey want to gothrough escrow

Asked by Jc, New Mexico Fri Oct 30, 2009

and sign a 2 year realestate contract would that effect the lowering of my payment through home mod

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Be VERY CAREFUL with this. There are a LOT of Scammers out there posing as investors, ready to whisk you away from your troubles by "assuming" your high loan balance to turn around & do a lease option to a potential renter, telling you that everything will be OK, when all they plan to do is collect lease option money from a would be tenant/buyer and then they run off & you still have the loan in your name.

I have heard just about all the scams. If you have a Notice of Default filed against you, that is public record & any one can come along & offer you strange & suspicious terms.

If you'd like to email me and let me know what kind of approach this person is using, I can tell you if it's something you should say NO to, if it's a scam or if it's something worth considering. I don't mind lending you a helping hand.

0 votes Thank Flag Link Fri Oct 30, 2009
You need to discuss with lender. It most likely will. I would not sign anything before mod is fully completed and even then you may have some occupancy time requirements. The concern would be if these folks defaulted causing you to default and the lender investigates and determines you were not occupying as agreed, which could be considered fraud. If you determine that you can sell it, I am happy to assist you guys in facilitating the transaction for a reasonable consulting fee. You are always welcome to contact me with any questions without any cost or obligation. Best of luck!
0 votes Thank Flag Link Fri Oct 30, 2009
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