All Forum Posts by: Vernon Wharff

Hey,

I'm in Florida (Orange County) and I have two really good tenants in my property that I must short sell. The lease expires in November, but I need to get them on a month to month lease. The home gets listed tomorrow, the Realtor and I met with the the tenants to tell them what is going on. I'm in the middle of a formal letter that I will send certified mail, but I also want to amend the original lease term from a fixed 12-months to a month-to-month lease and also tell them I will give them 60 days notice to vacate once the house is under contract and the bid is being reviewed by the bank.

Does anybody have a form I can use or advice as make this a smooth process?

Thanks!

I'm trying to better understand how a real estate investor could help a homeowner who has received a NoD under two different scenarios:

1) The homeowner has $10K in credit card debt and wants to stay in their home if they deal with an investor. The home is worth $220K and the home is appraised at $200K. He is in an ARM that has just readjusted and made the home unaffordable.

2) The homeowner has a $15K second mortgage, $150K first mortgage, and their home is appraised at $170K. The homeowner also has $15K in medical expenses. She is willing to move, but would prefer to stay in the home under any deal with an investor. She is in a 30-year fixed mortgage.

Thanks!