We are sorry to hear about your situation. We help people in your situation daily. The loan modification and/or foreclosure process can be very frustrating. The process takes a lot of communication with the banks & requires that you fulfill all requirements in a timely manner.
We have been helping people in your situation for over 10 years so we do understand your frustration. Our experience has been that once the lender denies a loan modification they suggest you do a short sale by listing your home with a Realtor experienced with short sales. Look for the CDPE (Certified Distressed Property Expert) designation. You can go to www.ForeclosureSolutionsCA.com for more information on your options.
Every situation is different so if you would like to discuss your particular options call me at 288-4967 before it is too late.
During short sale negotiations the bank will verify the owners' financial status and, if he can afford to pay the mortgage or make up the short fall, then he will be forced to do so. Or, the bank can foreclose, the thing is it is very expensive to foreclose and the bank often experiences less of a loss if they go along with the short sale than if they foreclose. And, it is not fraudulent for the owner to keep the rent. As long as he is the legal owner he is legally entitled to collect the rent whether he pays the mortgage or not. The mortgage is a contract, which is a private agreement to repay a loan, but it has nothing to do with 'law'. The LAW says that if he doesn't pay the mortgage, the bank has the right to foreclose and take the property back in order to sell it and satisfy the loan.
I know you are upset, but none of us knows what your landlord's true financial situation really is. Fortunes have been lost during this economic downturn and a medical hardship could easily cause such a loss. Be very careful about reporting anything to anyone unless you know beyond a doubt what the true circumstances are. Otherwise YOU could be held liable for potential charges of slander and libel. I know this is frustrating for you, but this is between your landlord and the bank. Take care of yourself and your family, that is your first priority, and let it go.... more
Use your real estate agent as your guide. Listen to what he or she says with regard to the market and what their opinion is of the value of the home you are considering. Ask them for comparison values when you want to make an offer on a house, then don't go in too low! When making an offer in this market today, sellers know that they will not get top price, but they are not going 'to give it away' either! They will emotionally reject a low offer without another consideration to that buyer. An agent in this market has to keep on their toes to keep a seller from flat rejecting an offer. No, it is not a buyer's market, so don't get fooled. I have seen sellers consider a foreclosure rather than a lowball offer. Negotiate - be willing to give some to get some. Sellers are negotiating, so use that to your advantage. There is a definite difference when comparing a condo to a stand alone house. Keep in mind that although you will have to pay monthly for those association dues, it is money thrown away. It is far cheaper to purchase a house and hire a gardener. Plus, with a house you just may want to put in that vegetable garden! Keep in mind that whether a house or a condo, the same rules apply: clear termite, strapped water heater, smoke detectors that work. Your lender is in control; it must meet minimum living standards, have heat, water, sewer. Also keep in mind that most of the payment on the house will be interest, which is deductible at this point in time on your tax return. Association dues are not deductible - they are maintenance.... more