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Antioch CA – In many cases, short selling your home and then renting or buying it back is considered mortgage fraud. Because loan modifications are so difficult many homeowners are considering selling their home and then renting it from the new owner.
Many homeowners look at this as the best way to get their loan balance reduced.
“I owe 400k, my house is worth 200k, and the bank won’t reduce the amount I owe on a loan modification. I’ll just sell the home to my friend, rent it from him, and then but it back in 2-3 years after I fix my credit”, they think to themselves.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The Bankers are afraid that if this is allowed, then everyone will want to short sale their house and then rent it from the new owner. To discourage this, some banks are now forcing everyone involved to sign affidavits before they will approve the short sale.
The affidavit says something similar to the following: “There is no agreement, oral or written, between the seller and buyer which allows the sellers to remain in the property as tenants or to regain ownership of the property at any time after the property sells.”
The bottom line is that the banks don’t like short sale leasebacks. If they find out after closing, then you could face criminal prosecution. How exactly?
Well, have you read your entire 18 page mortgage from front to back? Have you read the entire short sale approval letter and all the other short sale documentation? A clause could be anywhere in the paperwork and cause you lots of issues down the road.
So, are short sale leasebacks illegal? I don’t know for sure. I definitely would not do it if I had to sign an affidavit like the one above. If there is nothing like that, then talk to a competent attorney first.
But, even a good lawyer can’t guarantee you won’t face future legal and/or criminal problems. They can only give you their opinion. Many attorneys have different opinions on a legal subject.
The only person’s opinion that matters is a judge who makes the decision on the case. If you are considering a short sale leaseback, then I would simply recommend short selling and renting another home until you can buy again.
It’s just simpler and you will sleep better at night. 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 shonntsellshomes@gmail.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 925-754-1611
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Antioch loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Shonn Thompson.
Shonn is a Real Estate Agent at Better Homes Realty. Antioch Short Sales Realtor:
Phone: 925-754-1611. shonntsellshomes@gmail.com.
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View My homes for sale at www.shonnthompson.com.
Shonn Thompson specializes in loan modification assistance and short sales in Antioch California Antioch Loan Modification Help, Antioch Short Sales. Antioch Short Sale Realtors. Pittsburg Loan Modification Help, Pittsburg Short Sales, Pittsburg Short Sale Realtor Brentwood Loan Modification Help, Brentwood Short Sales, Brentwood Short Sale Realtor Antioch CA Short Sales. Antioch Realtor.
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Important Notice
Shonn Thompson, Better Homes Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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 Shonn’s personal views and do not reflect the views of Better Homes Realty.
This information on Antioch Short Sales: Is Renting or Buying Back a Short Sale Mortgage Fraud? is provided as a courtesy to our viewers to help them make informed decisions.
Antioch, CA. is a whirlwind of activity any time of year. Whatever your taste you are sure to find something to enjoy. Whether it be outdoor activities such as golf, boating or hiking. Or perhaps the theater, art or musical venues. There are also several non-profit benefits held in Antioch through out any given year.
numerous neighborhoods with lovely homes, new and old. There has never been a better time for prospective home buyers in Antioch than now. Antioch's housing market had a significant change in 2005. This has resulted in 
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Yes, new subdivisions are popping up through out Antioch! There are currently six new subdivisions being built in Antioch. Each new subdivision in Antioch has it's own distinctive flair. The subdivisions are conveniently located from the western side of Antioch to the eastern side of Antioch. Prospective home buyers may want to include these new subdivisions in Antioch in their home search.
