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05-06-2011, 10:48 AM #1
Renter
- Join Date
- May 2011
- Posts
- 1
Michigan question
Hello. I am new to this forum and am looking for any advice possible. A background of my situation is as follows:
1. Purchased home in 2001 for approximately $120K, nothing down. Boyfriend was helping me with improvements - starter house.
2. Got married in 2005, moved to Husband's (boyfriend mentioned above) house, rented mine for approximately $650/mo.
3. After divorce (last year) moved back into home - - I travel often for work, so not there often. However, it really is a "starter" house and without my Husband, I cannot do upgrades/rennovations on own, so anything would be crazily expensive.
4. Values in my neighborhood have gone down to about $65-$85K for similar houses;
5. I hate my house;
I am thinking of purchasing a new home (I have a good salary; more than $200k annually) and then re-renting the one I currently own. However, somebody recently told me a lender might learn you bought a new home and then offer to sell your old home to you at pennies on the dollar...does anyone have any knowledge of this?
Thanks so much!
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05-07-2011, 07:20 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
I have never heard of such a scenario and I own 3 houses. It would be nice if they let me off the hook for one of the mortgages.
Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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05-09-2011, 10:22 PM #3
Fixer Upper
- Join Date
- Mar 2011
- Location
- Eugene Oregon
- Posts
- 81
I also have never heard of such a thing. It sounds like they might be referring to the Short Sale Process. That is when a house is being foreclosed on and the lender sells the house for less than what is owed to avoid taking the home back in a foreclosure. Thus saving some lawyer fees and carrying cost on holding the home.
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