I have never heard of a bank foreclosing on a technical default before. Loans are written based on the borrowers intentions. Over time home owner's situations change and loans are sold to other banks. Servicing deptartments are concerned about performing loans.
If your home is in the Los Angeles area and you decide to rent your home, please contact me. I would be happy to help you find a renter and manage the property if you want. I currently manage other units.
3 Leaf Realty
You may want to consider taking a loan on your 401K. Your employer may allow for this. Another option might be to explore other financing options. Maybe an FHA 3.5% loan program instead of the higher down payment program you may have been choosing at first. Talk to your agent and loan person to determine what options may be available to you.
If you don't have an agent/broker representing you yet I would be happy to help you with your home search. Feel free to contact me via my website.
Hello Isabel, You are able to buy whatever you would like that you can afford. Unfortunalely you are in a high cost area. I can email you properties to consider once we determine how much you can qualify for and what loan program will benefit you the best financially. You can continue to receive SSI and own a home. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify if necessary. It only takes a few dozen questions to qualify you in minutes.
You may qualify for half percent down payment program with a minimum 580 fico score to buy a condo/twnhm or sfr. Mobile Homes are a different loan and also you have to qualify for the parks as well. Space rents can be very high as well from $700 a month and up. I can go over your options when we speak to pre-approve you. Here are some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days