Home Saver's Blog

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Cannot afford Loan Modification or Loss Mitigation?

 

If you cannot afford the fees or payment for a loan modification or loss mitigation program at this time, but still want to keep your home, there is an alternative for you. I am not talking short sale here, but of course that is an option. Some people feel their circumstances will change in the near future, but not before their home is foreclosed.

You may want to consider renting your property out on a month to month basis. You could ask for the loan mod or loss mitigation fee to be paid by your new renter which would include their 1st month's rent, last month and security deposit. Just be honest with your tenant and let them know what your intentions are. For a quick turnaround on your rental efforts, I would advise you to keep your rent amount below market value

and accept any credit, but do check references and the circuit court's public records for evictions.

 

For instance if you came to me to stop your foreclosure and work to modify your mortgage, could make a profit by renting your home while on the program.

Essentially everything is placed on pause while our Attorneys fight for you.

Having your tenant on a month to month lease would protect you, because if you find yourself and a more stable financial situation you would have the option to discontinue the lease and move back into your home.

For most people hardships are only temporary. If you would like more information on How This Works, feel free to contact me directly or visit my website at www.keepyourproperty.info. Also, feel free to visit my blog on loan modification scams.

                                                      Helping Families Keep Their Homes"

 


NOTE: Please do not advertise or hijack my blogs. This blog is intended to provide useful information to the public.

 

 

 

C Thompson

Account Manager

Call me: 

Fax: 206-203-1890

Email me: keepyourproperty911@gmail.com

 

Comment balloon 6 commentsC. Thompson • August 11 2008 12:15AM

Comments

This is very interesting.  Is it difficult?  Do many people go this route?

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 10 years ago

Laura- There are a lot of people who joined our program and have utilized this option in order to avoid foreclosure and keep their home. Unfortunately, there are many programs out there that only last about 3-4 months which does not make this option beneficial to the tenant or homeowner.

Posted by C. Thompson, Loss Mitigation Cases (Loan Modification) about 10 years ago

I have to educate myself more about this great blog my only concern short term lease many families dont want to move move again. Have a great week.

Posted by Lynn911.com ~ Dallas Real Estate Agent Top Team (Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com ) about 10 years ago

Lynn, good point, but on the other hand there are many people looking for a month to month lease for different reasons. It's important to be upfront with the tenant from the beginning. Also, it's hard for renters to find a home to rent with out having their credit checked. This will also open many doors.

Posted by C. Thompson, Loss Mitigation Cases (Loan Modification) about 10 years ago

Callie, this is an interesting strategy for someone to keep their home.

Posted by Danny Thornton, WordPress Guru (R & D Art) about 10 years ago

That was quite an interesting post, thanks for sharing it with us. It would be of great help to all the homeowners as well as lenders.

Home-LoanModification

Posted by Home-LoanModifications over 7 years ago

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