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.

Asked almost 2 years ago - 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. Joseph Younes

    Contributor Level 14

    1

    Lawyer agrees

    Answered . 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. Adam J. Lysinski

    Pro

    Contributor Level 9

    Answered . 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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