A fam. is in foreclosure right. and im talk to the bank and the agree to do a SS. The fam. has to move out the house right?? will they be able to quilfy for another home loan if they do have to?? im a little confused because some investors say they can save thier home but how. how would this investor save the homeowners home while they are still living in their :help
jarci
If foreclosure notice has been filed their credit rating has taken an enormous hit. It’s not likely they will qualify for another loan for anything at a favorable interest rate. Once the property is sold, the occupants must leave. A few bumps in the road are possible: file for bankruptacy; formal eviction, etc… Investors are not in the business of saving HO in forelosure. An investor may try to buy the house at a favorable $ from the lender. I’m not sure I know what you mean by …investors can save their home.
If you buy the house by doing a short sale, you can lease the house to whoever you want. The family is not required by their lender to move out, but they will not be allowed to receive any money from the sale.
The question is do you want to lease the house to them? I wouldn’t, because it usually means trouble for the investor–either financial or legal, and always mental. I wouldn’t expect them to be able to buy the house back from you for a LONG time because of the way lending is now.
not at this time we would not want to lease the house to them. But does a S.S hurt the sellers credit if so how much???
The foreclosure hurts the credit rating, not the SS.