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i live in nj, there is a house we tried to buy that is being short saled, we cant get the mortgage at the time,but we are willing to rent the home at what the mortgage would go for. if the owner gives us a long term lease can we stay in it even if it foreclosed? obama might have passed a law that would protect tennants ??? not sure

Submitted: 39 days and 16 hours ago.

Category: Legal

Value: $18

Status: CLOSED

State/Country relating to Question: New Jersey

Already Tried:
to get mortgage, we couldnt, we are trying to see if loan could be remodified but owner of home is self employeed and isnt making any money with his new business, but we want home bad and credit isnt good at this time

Posted by RayAnswers 39 days and 16 hours ago.

Answer

Thanks for your question.Only the lender here can lease it if it is in foreclosure.You could see if you can make deal with owner to get it current.This will require some three way communication.Maybe you can pull this off here.It wouldn't hurt to try .Start with owner here and have owner contact lender to see if it cna be brought out of forelcosure.

39 days and 15 hours ago.

Reply

i guess home isnt completely in that process, not sure i know they were willing to shortsale, no papers have been served

Posted by RayAnswers 39 days and 15 hours ago.

Answer

You could work something here hopefully.If owner can get current and get it out of foreclosure here you could do lease purchase or lease to own possiibly.

Edited by RayAnswers on 10/14/2009 at 4:17 AM

39 days and 15 hours ago.

Reply

no possible way to get current he oXXX XXke 50,000 to get current, if we move in with a lease can we be evicted or will we be protected by lease

Posted by RayAnswers 39 days and 15 hours ago.

Answer

No a lease won't protect you in a foreclosure here.The lender becomes the owner and they decide whether to rerent to you or market the house. Owner could file Chapter 13 here and keep the house in bankruptcy.

39 days and 15 hours ago.

Reply

wow i im trying to see a way to get house,now i have to see how chapter 13 works lol

Posted by RayAnswers 39 days and 15 hours ago.

Answer

Any chance you have a co pallicant or someone to help you qualify--there are lots of possibilities including Chapter 13 as well.Keep trying here..

39 days and 15 hours ago.

Reply

ok thanks i do not have anyone to help me qualify, i dont think owner will do bankruptcy he really wanted to short sale it or modify, i wish bank would modify according to waht we would pay in rent

Posted by RayAnswers 39 days and 15 hours ago.

Answer

Why not contact lender and se what they can do here.A short sale would lower what you need to borrow here as owner makes up difference.See if they can offer you a win/win here.Don;t give up yet .

39 days and 15 hours ago.

Reply

im not giving up at all, house was 460,000 the shortsale price was 300,000, but couldnt get the loan, im willing to pay the rent of 2,000 a month, that what taxes insurance and mortgage payment would be if we were able to get loan for 300,000,

Accepted Answer

You may also inquire about leasing it from the lender here as an option .

Accepts:
Expert:	RayAnswers
Pos. Feedback:	97.9 %
Answered:	10/14/2009

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25 years in civil, criminal, family, probate, elder issues, and administrative law

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State/Country relating to Question: New Jersey Already Tried: to get mortgage, we couldnt, we are trying to see if loan could be remodified but owner of home is self employeed and isnt making any money with his new business, but we want home bad and credit isnt good at this time

Answer

Reply

i guess home isnt completely in that process, not sure i know they were willing to shortsale, no papers have been served

Answer

You could work something here hopefully.If owner can get current and get it out of foreclosure here you could do lease purchase or lease to own possiibly.Edited by RayAnswers on 10/14/2009 at 4:17 AM

Reply

no possible way to get current he oXXX XXke 50,000 to get current, if we move in with a lease can we be evicted or will we be protected by lease

Answer

No a lease won't protect you in a foreclosure here.The lender becomes the owner and they decide whether to rerent to you or market the house. Owner could file Chapter 13 here and keep the house in bankruptcy.

Reply

wow i im trying to see a way to get house,now i have to see how chapter 13 works lol

Answer

Any chance you have a co pallicant or someone to help you qualify--there are lots of possibilities including Chapter 13 as well.Keep trying here..

Reply

ok thanks i do not have anyone to help me qualify, i dont think owner will do bankruptcy he really wanted to short sale it or modify, i wish bank would modify according to waht we would pay in rent

Answer

Why not contact lender and se what they can do here.A short sale would lower what you need to borrow here as owner makes up difference.See if they can offer you a win/win here.Don;t give up yet .

Reply

im not giving up at all, house was 460,000 the shortsale price was 300,000, but couldnt get the loan, im willing to pay the rent of 2,000 a month, that what taxes insurance and mortgage payment would be if we were able to get loan for 300,000,

Accepted Answer

You may also inquire about leasing it from the lender here as an option .

Related Legal Questions

State/Country relating to Question: New Jersey

Already Tried:
to get mortgage, we couldnt, we are trying to see if loan could be remodified but owner of home is self employeed and isnt making any money with his new business, but we want home bad and credit isnt good at this time

You could work something here hopefully.If owner can get current and get it out of foreclosure here you could do lease purchase or lease to own possiibly.

Edited by RayAnswers on 10/14/2009 at 4:17 AM