We fell behind last September on my Mortgage with GMAC. They told me to do loan modification, I failed 4 attempts and received no help from GMAC despite now being financially stable with good paying jobs. We were renting the house out, and found out to late that is why GMAC denied us loan modification even though the forms state denial due to insufficient income. Basically I did not due my research and my last failed modification was too close to the sale date of April 5th, 2011 to do anything else. We are now living there and was told HUD will be taking over the property to sell. Will HUD work with us at this point since we are stable financially? Or can we rent our house from HUD? Any help please I am so scared and upset about how this all happened to us.
Please get to a lawyer - your situation is too complicated for answering on a site such as this. It appears you have not seen a lawyer to date and the result is not good.
Legal disclaimer: This is not legal advice and is not intended to create an attorney-client relationship. The post is only an opinion. You should speak to an attorney for further information. The poster is licensed only in Illinois. Please visit www.bernardjconway.com for more information about our services. If this post is useful to you, please remember to upvote it.
Real Estate Attorney
Bernard is right - you need a lawyer. The real issue is can you pay for the house? You say you are stable but that might not be enough. HUD does not want to own a house and you may be able to purchase it if you can afford it. HUD does not want to own a vacant home so if you can not buy it you may be able to rent it. But your lawyer will be able to determine the bst course of action depending on your exact corcumstances. See one soon.