We are a family in need of an Angel
 

Here is our situation. The house we are renting is currently being foreclosed upon. In an attempt to save his credit, our landlord is trying to make a short sale happen before the house is set to auction on May 13th. Thats right...May 13th!  A Realtor has recently jumped and it is likely the auction will be postponed but we are in the 11th hour which emphasizes the possibility of a good discount on a great house with great renters who would eventually like to buy it!

We would like to buy now but we aren't quite there yet. Even with good credit, we have both been self employed without tax returns done by a CPA to adequately document our earnings. But we believe that in no more than three years we will be able to finance a purchase. We believe that someone with resources and wise vision will see this as an opportunity to co create a sound investment that contributes toward a good purpose for good people.

It's a great house that we love and believe suits us perfectly. It's near the new RiverBend Hospital in a great neighborhood and is a great tri-level layout. BUT it needs some work as well as cool upgrades we're chomping at the bit to do if we found someone who sees the same potential that we do. As a couple with the burning desire to make this property beautiful, we see our selves as the greatest asset in the equation. Most of the work is cosmetic, and can be done in stages. We can invest sweat equity if you can invest money.

WE NEED COMMUNITY HELP!!

We are very scared that we may be homeless..does anybody  have any help, advice

We believe in unlimited possibilities, we believe that someone is out there with resources and capital to invest.  We believe that every problem has a solution just waiting to be had.

While I can't help you in any way financially I cna tell you that there are thousands of people out there who are going through the same thing.

I was renting a house 7 years ago that we were going to buy from the owner. We put a couple grand worth of work into the place (not including our labor, just materials) to find out that the place had a $50,000 lien against it. A week or so after that we get a knock on the door and was served with foreclosure papers (the house hadn't had the mortgage paid on it for 4 months). I was beyond angry and basically told the owners up yours and didn't pay them rent for the next two months. I took that money and put a down payment on the little house that we still have today.

If the mortgage was issued by Fannie Mae/Freddie Mac, both of those agencies are not evicting renters from foreclosure properties at this time. They will instead offer you a month to month lease until the home is sold. Given the current market conditions, that may take a while.

If the mortgage is serviced by another lender, then the options are usually a "cash for keys" arrangement, where the bank gives you anywhere from $1000 to $5000 in exchange for your moving out of the home without the need for an eviction proceeding, and all the lawyers, paperwork, court costs etc. Be civil, but try to also put yourself into a workable position. Remember it WILL cost the bank money to remove you, one way or another. Negotiating is best for all parties involved.

Check with an attorney about when or if you are required to pay rent at this point. If the bank is in control of the property, it is my understanding you should NOT be paying it to the landlord any longer. If there is a period of limbo where you are not paying rent to either the landlord of the bank, take the opportunity to save up that cash as a future down payment, or use it to pay off debts. Both will increase your chances to get into a home later.

If you have a current lease, that is a contract, and it should be enforcable. Again, you need to talk to a lawyer about the specifics.