"Bryan has a valid point; however, you must remember that the more delinquencies that report on your mortgage tradeline, the worst your credit scores will get. If you plan on renting a property in the near future or obtaining any other type of financing, it is best to start the short sale process BEFORE you receive multiple lates and possibly fall into a foreclosure position."
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"Short sales are a somewhat streamlined process if you align yourself with a real estate firm who has a great amount of knowledge and experience in loss mitigation. I always suggest calling a few different local brokerages and asking them questions about their experience with short sales. Questions like how many short sale listings do they currently have? Do their Real Estate Agents individually negotiate short sales or do they have any negotiators who specifically work with the lenders? Additionally..."
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"The two "agreements" I'm guessing are value assessments. The first would be a FMV (fair market value) appraisal which would be performed by a licensed, local Appraiser. The second, for the Gov.,would be the Tax Assessors value, which can be found via any public records source. Hope that answers your question!"
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"Your landlord must be willing to sell you the property first and foremost. Then, it is best to have an Agent draw up a Lease/Option contract which will initiate the preliminary ownership period for you. After making payments for 12-24 months (depending on the lender) you can then "refinance" the property and the ownership will completely transfer from the current owner to you, upon the close of your new loan."
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"The answer is no, your property does not have to be clear of all liens to enter into a Lease/Option contract. Your lien/mortgage however will not go away until it is paid in full, so if you have an open loan on the property you must continue with your payment schedule until the loan is paid in full. Typically, most homeowner's will enter this contract knowing the tenant will likely purchase the property in 1-2 years. This can be done most effectively by making sure your purchaser pays with checks..."
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