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Do I have any rights with an FHA loan after renting it for a year? I don't seem to qualify for anytihing except foreclosure.

Mchenry, IL |

I have an FHA loan. I attempted to rent for over a year to keep the property. The mothly loss on the property was too much to afford. I have attempted to work with my bank's retention department. The short sale was denied b/c we had a renter for over 12 months. Deed in lieu was denied b/c the short sale was never accepted. I would have been better off if I never attempted to keep it and now my only option seems to be foreclosure. Is this all I can do?

Attorney Answers 2

  1. The rules governing investment property are different that that of residential property. You are somewhat limited if this is the case. You can try another short sale, hopefully at a higher price.

  2. My experience is that you will have greater success of getting this resolved during foreclosure process. Keep track of all the documents that you receive. See an attorney asap regarding putting a plan together (i.e. litigation, bankruptcy, etc) You might be able to negotiate a consent foreclosure with the bank. Good Luck

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