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Answers (5)
- sunnyview
- Contributions:25139
I am sorry for your loss. Unfortunately, you cannot short sale to yourself. Please be careful. There are dishonest "investors" that will promise to play the middle man with the bank on your behalf, but doing that is a type of loan fraud here. Many underwater owners who try that approach or agree to rent to own on their property back end up with nothing and the shady "investor" ends up taking their money and/or the house.
I know that it may seem to make no sense, but short sales have to be "arms length" to a person that you do not know and to someone where you the owner is not involved. If you have a hardship like loss of income or death, you may qualify for help like a loan modification to help you stay in your house. You can call the free government sponsored hotline 888 995 HOPE or contact them through their webpage here. Try to get some help now so you will have the best chance of fixing this situation either with a short sale, a loan modification or maybe even a deed in lieu.
I know that it may seem to make no sense, but short sales have to be "arms length" to a person that you do not know and to someone where you the owner is not involved. If you have a hardship like loss of income or death, you may qualify for help like a loan modification to help you stay in your house. You can call the free government sponsored hotline 888 995 HOPE or contact them through their webpage here. Try to get some help now so you will have the best chance of fixing this situation either with a short sale, a loan modification or maybe even a deed in lieu.
- Dawn Deegan, "DawnDeegan"
- Contributions:117
KD: They are all correct. You would have to Short Sale your current home, but you, or anyone you know, could not purchase it. In order to qualify for a Short Sale, you have to show sufficient Hardship to the bank. You may also want to check with your lender to see if you qualify for a loan modification. Your lender and an experienced Realtor in your area should be able to help you through the hurdles. And it's always wise to check in with an attorney regarding the matter, as well. Best of luck to you.
- Tony Lupescu, CPA, "Tony Lupescu"
- Contributions:19
No lender will approve a short sale to yourself.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
What you are looking for is called a short pay. You can ask your servicer if they offer that option. If you have lots of cash, the answer is likley to be no.
- Michael Emery, "MikeEmery"
- Contributions:7298
No. You can't purchase your own home in a short sale.
If you have sufficient cash to purchase another home, you might elect to let your current home go into foreclosure and then purchase another home.
Unfortunately if you have assets, your lender might not be willing to allow you to short sell your existing home, which may leave you with foreclosure as your only option.
But before you do anything, contact an attorney familiar with the short sale and foreclosure laws in your state. There are some states where you could potentially be liable for any loss the bank incurs on the sale of your home.
If you have sufficient cash to purchase another home, you might elect to let your current home go into foreclosure and then purchase another home.
Unfortunately if you have assets, your lender might not be willing to allow you to short sell your existing home, which may leave you with foreclosure as your only option.
But before you do anything, contact an attorney familiar with the short sale and foreclosure laws in your state. There are some states where you could potentially be liable for any loss the bank incurs on the sale of your home.
i dont understand a 'short sale' can a short sale be done to yourself
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