Imminent Foreclosure?
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Our house payment has increased by $900 and one of the family members has lost job, so most likely we'll have to go with a foreclosure (no equity for refinance). Anyways we have been talking to some loan officers/realtors and they said that "short-sale" is one of the options to can take to save our credit and avoid foreclosure. Taking their advice, I called several companies who had "We Buy Houses" ad on the road sides and their offers seemed too good to be true, saying that they will offer 5 months rent for free if we agree to let them buy our house in short sale. This obviously seems like a scam. So I just wanted to know what is the "correct" procedure to go with a short -sale and what things should be avoided ?
( 2nd Option)
Moreover, we are also thinking about doing a "quit-claim" and transfering the property title to only one family member. However, our loan had several co-borrowers so we were wondering if doing a quit-claim save the rest of the families credit ?
Imminent Foreclosure?Hi Josh,
I use to work in the Short Sale Dept for citi financial mortgage for about 5 years and I worked for investors to help them with short sales.
I can not stand investors. there is NEVER a reason that a person should deed their property over to an investor. the investor wants to pick up your home for under market value, rent it back to you and when your back on your feet, he will sell it back for the fair market value.
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