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Short Sale and Rental

Posted by Lou Carfizzi on April 22, 2010 at 12:07pm in Short Sale Discussions
I am looking at a situation where I have been denied a loan modification and I am now wanting to do a short sale. An unrelated neighbor who is buying up some of the homes in my development wants to buy this home. He wants to lease it back to me with no purchase option, and my family would like to take his lease offer.

this is not an attempt to commit mortgage fraud, and we do not intend to buy the home back at any time.

What are the circumstances we can run into?

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Replies

  • Bryant Tutas April 28, 2010 at 10:30am
    Lou. Unfortunately the lender will more than likely NOT allow this to happen. You will have to move if you do a short sale. This will be in their closing docs and you will have to sign it. There may be exceptions to this but I have yet to see one.
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