Renting Possibility?
We bought a property in foreclosure in order to save the lien we had placed with the property's previous owner. We acted without a large amount of research on the property and now own a house that needs many improvements and our current loan is already at 90% LTV. The monthly mortgage payments are draining us, the neighboorhood is less than desirable and we can't find anyone to buy it for only the note we owe.
Our lender (Countrywide) believes it is owner occupied and may raise hell if we get a renter or lease/buy person in there. What is anyones opinion on what we could do from here? Any advice will help. Thanks.
Have you checked into interest only loans to refi the property? The money saved each month could be used to help with fix ups. At this point, how is Countrywide going to find out that there is a tenant??? I would imagine there is someone out there who can't qualify with a bank to buy your property but would love to have a home to call their own, even if it is a fixer. Couldn't you advertise FSBO 100% financing avl. and you carry the note? Even if they default, worst case scenario you get the place back, probably in better condition because they will want to improve their home...... Good luck!