[Dayze]

Originally Posted by CaliforniaChief

Dayze, I'm so sorry to hear of your situation. I, like others, admire your desire to make it work out and do the best you can to save your home. For what it's worth, I'll keep you and your family in my prayers.

I don't know if the situation applies to you or not, but I do have a friend who is in the business of helping people get banks to approve short sales on their homes. One situation in particular had a family looking to modify their loan but they would only get a 100 dollar a month break (from $2700 to $2600), which did them no good. Plus if they modified the loan they would have still had the debt hanging over their head.

He worked out a deal where they did a short sale, which an investor purchased for $110,000. He then worked out an arrangement with the investor to rent the house back to the former owners for a rent of $1,500 a month. Now they can make their payments, stay in their homes, and actually set themselves up to get back in the market again in about 3 years. If they keep their record clean and stay on time with payments, they could potentially buy back the house for $175,000 and STILL have a lower payment than they did before, not be leveraged up to their heads in debt, and stay in their house.

Obviously that's a tricky scenario, but there's always hope.

that's an interesting scenario to consider. that's something else I should probably look into. Thanks!