Columbus OH – The Stop Foreclosure Institute
recently received a question from John. Here is John's
Question.
"Is it legal for a short sale seller to buy the house he is selling on
short to reduce his mortgage loan?” asked John.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Here was our answer. We don’t know of any law on
the books that forbids a person from buying a home they are short selling. Here
is what we do know.
Most banks and lenders don’t allow it. If the short sale negotiator sees a
sales contract with you as the buyer, then they won’t approve the short sale.
I think the biggest reason people aren’t trying this is because
they can’t get a loan after a short sale. You aren’t able to buy
another house for 2 years after a short sale.
There is an FHA loan program that allows you to buy after a short sale. But,
one of the stipulations is that you must be buying a smaller or inferior home.
If you are looking to reduce your mortgage loan, then do it the
legal way. Get a loan modification with your current lender. Or,
short sale your current home, rent for 2 years, and then buy a new home.
That allows you to wipe out the upside down debt and move on with your life.
And best of all, you aren’t at risk of going to jail for fraud. Thinking about
a short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank.
Click
here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Robin Lemmons.
Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Columbus Loan Modification Help, Columbus Short
Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH
Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real estate
sales commission for helping you on a short sale.
The views expressed here are Robin's personal views and do not reflect the
views of Coldwell Banker King Thompson.
This information on A Common Question About Columbus Short Sales: Can I Short
Sell My House To Myself? is provided as a courtesy to our viewers to help them
make informed decisions.
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