Is it true that in some states, certain banks will help you by buying your underwater house from you so you can purchase a new one elsewhere?

Asked by johnnytorres316, Cleveland, OH Fri Nov 1, 2013

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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Nov 14, 2013
No banker I have ever known.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Nov 14, 2013
........kinda.....
Your existing bank will CO-OPERATE is allowing your home to be sold...without the balance following the borrower. In essence the owner is free of the house, walks away with no matireial benefit and is relived of the debt. This allpies to all states and all banks. It called a short sale.
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Now buying a new one becomes the problem. If you don't start the comprehensive process correctly, you WILL end up renting for the next two years.
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Time to calll a multi-dimensional Cleveland REALTOR.
If you are serious pick up the phone and CALL one of the REALTORS who have clearly provided their telephone number. DO NOT USE THAT CONTACT LINK/Button.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
Move to the Front of the Line
(http://FirstLookHomes.us)
0 votes
Jamie Lewis, Agent, Greenwich, NY
Thu Nov 14, 2013
I have not heard of any similar programs here in upstate NY. It sounds like you may want to talk with your lender about a possible short sale for the sale of your home. Or if you would like to stay there then you should look into HAP. Good Luck
0 votes
M R 330.338.…, Agent, Stow, OH
Thu Nov 14, 2013
I have not yet heard of any of those loan programs. I would suggest going to FHA.gov and go to the FAQ's section as this will most likely address and answer your question. Thanks!
Micah Riley, REALTOR
Cutler Real Estate
330.338.5130 cell/text
MRiley@CutlerHomes.com
0 votes
James Deskins, Agent, Worthington, OH
Sat Nov 2, 2013
No, I'm afraid that's not true.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sat Nov 2, 2013
I['m afraid not and anyone who told you this has no idea what their talking about.
0 votes
Lenderbradfo…, , Cleveland, OH
Sat Nov 2, 2013
Johnny, The closest I can imagine is your current lender might do what is called a Deed In Lieu of Foreclosure. That means instead of them going thru the Foreclosure process you sign the property over to them. That may be what you are describing. The key is that they forgive the balance due on your loan. With that said FHA does allow you to purchase a home after a Short Sale and a Deed in Lieu might be viewed as a Short Sale. The rules to do that are something you need to discuss with the new lender you would plan on using for the new home. There are a few rules that must be followed and the most important is that you must maintain your timely payments on your current mortgage until the short sale is completed.

I do live in Cuyahoga County and you are welcome to call me to ask any furter questions. You should find my phone number on my profile page.
0 votes
Margaret Ama…, Agent, Sarasota, FL
Fri Nov 1, 2013
Never heard of such a program but if true, please tell me all about it!
0 votes
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