I am looking for a Company that will purchase my home via short sale and lease back with 2 year option to buy?

Question

my home is in foreclosure and we have been tring everything to save it, we are able to make regular payments however the mtg co does not accept payments, we can not afford the arrearages on top of the current. so we are considering a shortsale with lease back opt to buy after 2 years with a portion of our rent going toward down payment. any info on this would be apprectiate. Thanks

we are in CT

Answer 1

You're looking at a BAD deal. After a short sale, you won't qualify for a mortgage two years down the road. The short sale will appear in your credit file and most probably prevent any mortgage approval except one for usurious interest rates.

Furthermore, when you engage in a short sale, you will undoubtedly receive a 1099 Form at the end of the year requiring you to claim the shortage amount as income. Are you still prepared to make these mortgage payments AFTER your pending income tax bill ?

Answer 2

Look like you know just enough. I do not think that you can do a short sale and still live on the property. I have talked to a company that buys your property and will let you live there with an option to purchase within a certain time frame. (not sure about them asking for a short sale) They are on the Internet. (search stop foreclosure. they present them self as a lender that loans money to people in foreclosure) I know that you are in a bad spot right now and must really like your house but please weigh everything out before doing something like this. You could get money from a private lender to bring your account current. One option is calling your current lender and telling that you want to keep the house and could you go on a repayment plan. If you miss one of these payments, you are back in foreclosure. You might be eating top ramen for a while, but you will be better off. Most lenders are working with people. Good Luck!