Hi! My question about the house i'm living in now is that I was told that the house was going on pre-forclosure and that the interest rate was

Asked by Shrt14, Daly City, CA Fri Aug 5, 2011

up and the bank was going to take over, I am a renter here at the same house. I would like to really get more info on the house, I told the owner, so called "my sister" that my husband would like to take ownership and pay the rest of what is worth, she didn't want to so here I am clueless on how to proceed in staying in the house that I've lived here for almost 20 years. Any Help? I would really appreciate it.

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Rachel Damma…, , Westminster, CO
Fri Aug 5, 2011
If you have a valid rental agreement, I believe you have some rights if it does go into foreclosure. I would call the bank and see what they say. I would also present your question to them and see if they are willing to work out a deal with you. Foreclosing on a property costs the banks thousands of dollars and banks are getting more personable these days trying to prevent foreclosure. As long as you sister is on the deed, she would need to cooperate, but once the foreclosure has been processed, its up to the bank.
Good Luck!
Rachel Dammann
Cherry Creek Properties, LLC
Web Reference:  http://www.racheldammann.com
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Scott Godzyk, Agent, Manchester, NH
Fri Aug 5, 2011
The problem is you may not be able to simply assume the mortgage but may be able to if tehy offer it. If they simply cant make payments bcuase the interest rate is going up, that is one of teh easoest fixes to get a loan modification lowering the rate to anywhere between 0 and 5 depending on teh situation therefore lowering the payments. The key is if the home owner is willing to work with their bank and work with you???? There is help for them, they just need to ask, most often by calling their bank and asking for teh home retention dept. good luck working things out
Web Reference:  http://www.ScottSellsNH.com
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Dan, Home Buyer, Alabama
Fri Aug 5, 2011
Rental real estate must be getting ready to collapse? Seeing many stories like this one.
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