In virtually every case, your lender strongly prefers that you stay in the property – and maintain it – until the Short Sale is done. It’s better for the lender if the property does not go vacant and it’s better for you, the homeowner, if you can stay in this property and save money to help you get back on your feet.
Many homeowners that are facing problems with their mortgage have other financial challenges as well – often as a result of their effort to hold on to the property. There is no point in moving to another property and paying rent if you can stay in your home until the Short Sale is approved and ready to close escrow.
Note: You are asking your lender to forgive a significant portion of your mortgage balance. If you do stay in the property, maintain it and keep it in good condition.
Some homeowners who are going through a Short Sale move from the property of out fear that their credit will be so severely damaged they won’t be able to get a rental property. There are steps you can take to reduce the likelihood that you will have trouble getting into a rental.
If you want to use the time you are waiting for your Short Sale to be approved to stay in your property and save money, here are some steps you can take to overcome the difficulty your credit issues might cause:
- Contact several property managers who manage rental homes in the neighborhood where you want to rent. Tell them about your need to rent a home in the near future and ask them what information you can send them in order to be notified when a rental becomes available in the neighborhood.
- To those property managers that are receptive to your request, drop off a “Rental Resume”, include a copy of your credit report (run a copy before you go delinquent on your mortgage, if possible); pictures of your home (inside and out with family members in the pictures-not posing, just candid shots); a completed rental application and a strong cover letter outlining why you will be an excellent tenant.
- Share your situation regarding your home. Do not paint yourself as a victim, but as a responsible citizen handling a tough situation.
- Follow-up with a handwritten ‘Thank You’ note.
|
