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"
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