FHA And Lease Too Purchase
I have heard of companies/firms that are helping peopele in foreclosure that really had a rough short period of time .
But are now able to pay the mortgage but can't catch up with the back months/interest/fees.
They buy the house put it in a trust and the homeowner stays put for a 2-3 year period. And buys the house back at a price that is pre determined.
But the homeowner is FHA how does be done with the new law.
Can they short the FHA loan while the homeowners stay in the house.
Just currious!!
Actually what happens is this:
1)Investor approaches the people in default.
2)Offers the owners to pay the arreage mortgage payments in exchange for the deed.
3)Then offers a lease for 2 years and re-sells it to them probably using an FHA loan.
bjsmooths