Just hang in there - the bailout is in the works, and they're talking about a possible moratorium on foreclosures. Talk to your bank & see if they can adjust your loan also - most are working with people now as they don't want anymore foreclosures on their books.
1. the bank must approve the short sale, and there are no guarantees on that.2. don't sit around waiting for the bail out to take effect. the bailout will have little effect on the average homeowner, at least in the short term. as for moritoriums on foreclosures, well if that happens (and i have my doubts on that), you won't see it occur for at least another 6-8 months. someone must get elected first. it will be far too late at that point for your house.3. once you sell the home to someone else and the title transfers, you have no guarantee that they are going to sell it back to you. what if they don't? you would be screwed and the person just got your home at a bargain price. could be a scam.in summation, you should talk to your lender and see what your options are. you should also talk to an attorney. don't sign or agree to anything with this buyer. there are a lot of scamsters out there that pray on homeowners heading towards foreclosures. they pretend to care and toss them a lifeline. only problem is that the line is a dissolving stitch. do your research here.
-------------------------------------------------- Canadian mortgages
Once a new owner buys your house, he can do whatever he wants with it. He can rent it, live in it, give you a lease option to buy or keep it empty. The lease back option is an excellent way to remain in the home while you repair your credit.If you decide to buy it back 2 years later, that's another separate transaction. The sale of your house to the new buyer has nothing to do with your agreement with him. You will become a tenant after the sale.Don't count on the bank approving the short sale! The rejection rate for short sales is 80%, only 20% being approved. The bank would rather foreclose on it than agree to settle for less than the remaining balance on the loan.Then they can sell it for whatever amount they want. It doesn't make much sense, but that's what the statistics are.
if you can not afford the mortgage how are you going to afford the rent they are going to charge plus their profit ? if your already into foreclosure your credit is taking a hit so how are you going to get a new loan to pay it off to them at a higher price ? sounds like a scam to me