bay area short sale angels

Hello, this is Kerri from the Bay Area Short Sale Angels, northern California’s primary short sale team. So lots of people ask us how we take care of tenant occupied properties. Many of our clients have investment properties that they need to short sale and even their primary residence that they moved tenants in with the intention to try to continue to make those payments and it is not working out. Each state has totally different laws, but within the state of California, the tenant is required by regulation to comply and not get in the way of the sale of a house. It does not matter that it’s a short sale or that the house is underwater, they need to participate. All that is required is 24 hour notice with the intention to show the property.

She just stopped paying any rent, and I need her out so I can qualify for a program to help avoid foreclosure. She works and gets paid well, and I am unemployed and looking for work.

So that I can get the money to find a place to rent.

Renegotiate a lower payment, or lower interest rate that would lower the payment.
Try to defer a couple payments (some lenders allow this)
Find a private lender (someone that has enough money to buy out the mortgage and then you just pay them back under whatever terms they set up with you)
Get a part time job to help make payments
Get someone to rent your basement or a room or suite (this would still be your principal residence, you’ve just got a ‘roommate’ now as well).
Create a budget and really analyze where you money is going and ways to free up cashflow.

The owner of the house I’m renting gave me notice that the house is going on foreclosure and terminated my lease. She gave me my deposit back and I stopped paying rent. She wants me to move out. If she’s not gonna own the house anymore, do I have to move out? Can i wait till the foreclosure finishes and the bank tells me to move?

email content filter

Here’s my situation…
I have a condo and an Interest Only loan. The intrest rate went way up and I can’t afford it. I’ve saved up and have made the payment this month but won’t be able to do that again. I’ve tried to get a refinance but with 0 equity and a credit score just under 620, it’s very difficult. My refinance guy told me the credit score may go up in a month but I have no guarantee of that. So, I’ve decided to sell the place. I simply want out of this whole situation. I’ll rent for a while. I spoke to a realtor and my place is up for sale right now. My fear is that the market isn’t very good right now and it might take a while to sell. in the meantime, I’ll have to pay higher mortage next month that i simply CANNOT afford. It’s not a matter of spending less, etc – the money simply isn’t there. I’m not behind in any payments so but i want to speak to my bank (I’ll call on Monday). Please tell me if you think I’m doing the right thing!!