Got a good friend? Save your house..

AS more and more people try to save their homes with a loan modification a sobering
reality continues to be the result. Denied! Actually, only one out of twenty loan modification applications get approved. So, if you want to keep your home, what do you do?
Sell the property through a short sale to somebody who would be willing to keep you in the
property as a tenant and ideally, buy the property back someday when you have reestablished, your financial life and credit. There are restrictions. The buyer can't be someone living in the house or a relative. It must be what is called an arm's length transaction. So, how do you make it attractive for someone to buy your house heading to foreclosure? Approach it as an investment. The buyer would have a turn key rental property. Provided the monthly rent will cover the mortgage, taxes, insurance and HOA fees if applicable. It's not enough to cover it, the buyer is taking a risk. There should be a monthly profit in there for them, too. In my next blog..I will outline how one family did exactly that.