Any Advice??

[homealone]

A friend of the family was renting a home not very far from where we live.

Though our friend was recently told that she would have to move out, because the home she was renting was going to be foreclosed on soon.

She was told she by the owner of the home that she would only have three weeks to find another place and move out before the house was taken by the bank.

This was a total surprise for her, and has completely caught her off guard. There is no way she can find another place, get her home packed up, get utilities taken care of in just a matter of three weeks.

Does anyone have any advice on what she can do? This is of course putting her into one heck of a situation along with her children.

Apparently the owner of the home, took out a loan on the house to purchase another home. Then stopped making the loan payments. This of course means that the bank is now taking action against him, and is taking the house he took the loan out on.

Does anyone have any suggestion that would give her more time, or possibly even keep her in this house?

Thanks everyone!!

[closer]

You know, that is horrible. I never thought about someone getting asked to leave because the owner was losing the house. I don't know if there is anything she can do.

If there is nothing she can do, hopefully she will have alot of friends and family members that will pitch in and give her a hand with the move. My heart goes out to her and her children.

[flippinout]

I believe that if I were this person, the first thing I would do would be to ask the landlord which bank was foreclosing on the property, then I would contact the bank to find out if it would be possible to continue renting the house from them.

This might be a possibility as the bank, it would seem to me, would be more interested in making money from the property, and not want it to sit empty.

It sure doesnt hurt to look into the situation and check out all options before packing up to move. Meanwhile, they could be looking for another place just in case the bank doesnt want to do this.

[homealone]

Thanks for the advice. I will have her do this right away. It would be nice if she were able to stay. We have been helping her pack up, but it I would be even more happy to help her unpack it all.

[flip_it_fast]

It is even very possible that she may be able to set up a deal with the bank to own the home. Belive me, they will almost always take less (much less) for the house than what the mortgage is owed rather than have a house sit on the market. She may be able to continue paying the same amount that she was paying in rent to the bank and end up owning the house. I know a little bit about this because my mother in law lost her house. She owed $60,000 to the bank for the house. They turned around and sold it for $10,000!

She needs to contact the bank NOW. Let them know her situation and see what can be worked out. She might end up being a home owner instead of just renting. It sounds like that would be the ideal situation for her and her kids.

[homealone]

Well this morning she and I went to the bank to speak to them about the house. At first we didnt think it was going to help at all. Then after a couple of phone calls the bank manager congradulated her on her first home.

She had taken in all the reciepts showing all the work that she paid to have done to the home, as well those where she did the work herself.

She was told that she could pay off what was owed on the loan which was $25,000 and become the owner of the home. She was excited. Though when the manager actually looked through the reciepts she had brought with her, he made a few more calls.

She will now purchase the home for a grand total of only $7,000.

Needless to say after paperwork was taken care of, we both left with smiles on our faces, and we went straight away and started her UNpacking!!

The home that she had rented for the last 4 years, is now going to become the home she owns for the rest of her life.

The same amount of money that she was paying as rent will now be a house payment instead. Which is a good things, as it wont effect her budget any. This is going to help her a whole lot. She will no longer have to worry about ever packing her belongings again.

Of course it is also nice to know that a family friend is going to remain close by!!

Thanks everyone for the great advice. You just saved someone a great deal of headache, heartache, time and trouble.

[Eyeofngt]

WOW!!! that is fantastic!!! I knew something good would work out for them!! Congrats on your new Home!!!

[badmomma]

That is wonderful news indeed. It is not as unusual as people would think. Many renters have had this opportunity and passed it up because the believed that there was nothing that they can do.

You are the one who in essence is keeping this home afloat. It is the choices of the landlord that put it up for foreclosure. Keep all of your reciepts.

You can show that you have been paying rent all along and the banks would prefer to have cash in hand rather than wait for the home to sell. You see they are not going to make any money while it sets around.

[homealone]

The worse thing that a bank can tell a renter is no, though most people allow fear to stop them from even trying.

A bank really would much rather have money comming in, than have to sit and wait around for a home to sell.

Well this was one case where a house that was to be sold, sold before it even hit the market because a family, friends and some good advice from a forum, took that step and at least made the attempt to keep the home.

It really never hurts to give somethings a try.

[flip_it_fast]

I am so happy for your friend. I hope she has many many years in the house that will now be HER home. Now her rent money will really be going toward something. I bet she is so excited!