Looking for Investor willing to lease back
Hello...I am new here...my home will be foreclosed on (eminent)...although it has not been posted yet....However...the house is worth less than what is owed (I am a former Realtor...I know)...
From what I am reading...I am pretty sure it is eligible for a short sale..(the condition of the house warrants the fact that it is worth less than what is owed...condition seeming one of the main factors to pursue a short sale compromise from the mortgage company)...
it breaks down like this...(or real close)
OWE: 65,500 to 1st
OWE: Back Taxes (I have no idea how much right now...but I do know they havent been paid for at least 2 to 5 yrs (I tried Bankruptcy)
No Second owed.
Approx. Value "as is": 50 - 55K
Approx Value with needed repairs: 85 - 100K
Approx. needed repair cost: 25- 35K (Of course depending on individual taste...Some BASICS needed are a roof. carpet, bathrooms (2 full), Kitchen, Plumbing...and probably more "Absolute ly needed repairs"
My ideal situation is to refinance...but I am having a problem getting the 65K owed (Can only get 60% L to V right now).....Will a 1st take a short from a present owner if I can get it refinaced for less than whats owed??.....
If not....is there an investor in Michigan (Oakland County) that wants to do this and lease it back to me with an option to buy???
Let me know....any help will be appreciated
Thanks
TSeaWell,
No offense meant, but no reputable, knowledgeable investor would lease back the property to the original owner. You couldn't make the payments before, how can you make a higher payment now? There is also a high legal risk when putting the owner back into the house. I'm sorry for your situation, but you need to realize that your best solution may be to let an investor have it and be able to walk away without a foreclosure on your credit.
I don't do short sales, so hopefully one of them can better answer you question about YOU offering a short sale to the bank.
If you can make the payments now, have you discussed with the lender a repayment plan? One where they will reduce/waive some of the fees, are attach them to the back end of the loan. Lenders don't want REO's. If you can prove that you can now pay, I'm pretty sure that they will talk.
Good luck
Roger
I am from Michigan and am familiar with short sales. I wouldn't lease it back to the previous owner. I don't like Bankruptcy trustees taking the house back after I have done all of that work. If you are interested in selling then let me know.
Tom
All respect to both of you. Raj...I have talked to the mortgage company...I am too far behind....
I understand your feelings regarding leasing back to a previous owner...but one thing you ought to know is this...I exhausted my bankruptcy attempts...the payment kept getting higher and higher...However...you also need to know..(Or any prospective "helper" might want to know)...My first 2 attempts at bankruptcy were dismissed not because I could not make the paymets (Which were of course higher than my original payment) but for other reasons...ie. taxes not filed (and very difficult for me to figure out...so I didnt get them filed by the second hearing...so I was dismissed...These taxes were not originally filed because I did some rapid refunds that only file fed and I was responsible to file state....and I didnt...again...inadvertently)....the 2nd time....in all honesty....I thought I made a payment that I actually didnt make.....by the time the second hearing came up...I could not pay two payments to get caugt up)........Attempt #3 proved to be too much financially...considering I was now out 18 months on my arrears...)...I stopped that one myself and made a decision to sell...kinda...I had this "Short Sell" idea in my mind all the time..not knowing what it was called at the time but thinking the concept HAD to be available...
The reason I believe I am in this situation...(Besides the obvious one of not paying the installment payments)....is due to my husband passing and my subsequent mental and emotional health at that time. I have income....enough to pay for this house....it was just bad judgement and impaired thinking at the time....At any rate...I think I may talk to a family member to see if someone is willing to help....
I am not against selling the property if all else fails...and I am very aware that time is of the essence...So...If all else fails in a timely manner...I'll get to you MI investor.
Thanks a lot
I would help you effectuate an arm's length, preforeclosure short sale or to a friend or relative who might consider keeping you in the home.
I am sorry that you are having to go through this. I once looked at helping a family stay in their home when they were in foreclosure. I was considering lease optioning it back to them so they could get their finances back on track which they already started to. I asked what payments they would be willing to make while being able to save some money. He told me 1000. I looked into purchasing the house and came up with 1500. Now I told him that we couldn't do it but of course because of the payments. So they then tell me that they could make 1500 paymets. I then findout they were going to file bankruptcy. I could have been in a heap of trouble because the bankruptcy trustee would have taken back the house due to the amount of equity in it. This is why I don't entertain leasing/optioning it back to the original home owners.
Now I can understand what you are trying to do but you need to see it from our point of view as well. I have been fortunate that I have yet to be in the circumstances that you are in. I don't think it would take a lot for most people to face losing their house. Just some lousy luck and everything is gone. I just don't want to put myself in the position were everything I have worked for would come tumbling down.
Just today, I went to see a person in foreclosure. I told him what i would be able to do for him. He said he really wanted to keep the house. I even offered to help him keep the house if he could afford to do so. He couldn't afford the payments so that was not an option. I would have done this just to help him not for money. The problem is most people don't see that they will not be able to keep their house and screw themselves for several years down the road because of it. I hope you find a way to save your house but i also hope that you don't hurt yourself farther by trying to hold onto it when you really can't. I really think that you should take the shortsalepro's very nice offer. If he can't help then no one probably can.
I wish you the best,
Tom
Thanks Tom and All....
Yeah..I thought about it and wanted to make it clear that I was not looking for sympathy..I understand where I stand..and I totally understand it from an investors point of view too...I guess I didnt at first because I didnt realize a person could file Bankruptcy on the investor too...but now I see...
Hmmmm....I have to take a closer look at what you are offering pro...I'll do that later tonight...I'm at work right now....and I just wanted to make it clear I understood the investors point of view clearly...
Thanks alot for the input and the suggestions....I will get back to you Pro no later than Saturday..
Thanks again
Hi, I know of someone in Illinois who might be able to help. Please call me and leave your #. I will call you right back.
847-384-7525
Phil
Will do...thanks