Oops..should read SHORT sales......
Bad idea. The bank will tie you in knots for the next year. Get out of the place, rent somewhere nice, have your parents buy a different place.
Any freepers who are realtors care to comment about this thread?
Find a realtor who can get it done.
Any freepers who have self-identified as realtors care to comment on this thread?
Can you comment on this thread, I saw that you made some very interesting remarks about short sales in this thread:
Short Sales: A Fraying Lifeline for Homeowners
Meaning: none of your friends, relatives or business associates can buy the property. Since they get to brand you a "deadbeat" for losing your job that would be considered underhanded.
If the alleged lender or foreclosure mill attorney wants it, whether or not they are the true party in interest would be fine. Same would apply to their friends and relatives. Since they represent the bank, and you signed something on the dotted line they are immune from any and all laws.
Be very careful what you sign and I wish you the best. The best thing for them would be you signing anything they hand you without competent legal representation. The worst thing for them would be filing a Quiet Title action forcing them to prove standing before proceeding to sale.
THANKS.
Taking on a Second Mortgage to Pay the Foreclosure
http://www.freerepublic.com/focus/f-news/2623209/replies?c=10
"If you do a little research...actuallly, study this foreclosure mess for more than a minute or two on CNN, you'll find that what they're doing makes sense.
"The legal system is gamed in favor of the banks, and unfortunately, the banks screwed up massively in the paperwork and have limited to no chain of custody of title to the properties they try to foreclose on.
"The idea is that 90% of the mortgages out there in the last 10 years are so full of legal holes, that a half assed attorney with a little time can get the bank to go away with its tail between its legs.
"They do a service to society by getting rid of liar banks with liar paperwork and return the house to the owner once the fraud is uncovered. They simply draft up an agreement that once the first mortgage is wiped out, or renegotiated, that the lawyer will be repaid for his and his legal staffs time for the work and court costs they incur in the process.
I know two companies which have been successful and making these things go away after a little courthouse work is done. wild times we're in...
msfraud.org
livinglies.wordpress.com
foreclosurehamlet.com
12 posted on 11/07/2010 3:32:50 PM PST by 1st I.D Vet
Your parents should find a lawyer that deals in “short sales” The bank, however, may not cooperate with you. THe local bar association can point them in the right direction.
Good Luck
A fellow freeper needs advice in this thread, any of you care to assist her? OR know of any freepers knowledgable about short sales following foreclosure?
Thanks much.
Apparently, IF there is a successful short sale to your parents, you will have to claim the money on your tax return as "debt forgiveness" ... OR something; sounds like a CPA and an attorney, as well as a realtor would be needed to confer with about the best option for you.
They may be a treasure trove of accurate advice.
Contact your local legal aid and find out if you can have an appointment with some realty-saavy attorney who might be able to correctly advise you, according to the specific laws of your state.
Over the past half dozen or so years here at FR, I've read many freepers complain that they weren't able to buy any property on SHORT SALE, as the qualifications/regulations were out of this world, and that anyway, it seemed that the banks are not interested in selling their foreclosed homes, as they appear to be making the process extremely difficult.
There MUST be a way that you can get competent legal & financial advice, either for free or at an extremely reduced price given the fact your income has been so low for so long.
You could fight the foreclosure and stop it then do what you want with the house.
http://livinglies.wordpress.com/
Google issues like stop foreclosure now.
I don’t know where in Arizona you’re at but you need to contact these guys, if they can’t handle your short sale then they would be the ones to know who in your area would be the best to do it. These guys are incredible, more like phenomenal. They apparently are very religious as well, which would seal the deal for me should I be in your position.
This website I’d say is more for other agents trying to do short sales and needing education, but check it out nonetheless. If your home is scheduled for auction, do not delay any further and have your situation evaluated by the most competent Realtor you can find (these guys if possible) If you get an offer before the auction, the bank will pull it from the auction block. I don’t know if AZ has a redemption period or not, but if it does, you can continue to live in your home til the sheriff says you must vacate. You could be saving up your money in the meantime and looking for another home and with your parents help (you are blessed my friend!) you can be on the road to recovering and repositioning your credit and your life. The main thing with a short sale is to save your credit to the extent that it can be salvaged, not stay in your home. Realtors can and have helped folks with the loan modification process too, for a fee they will help you.
Since you’re in AZ, call these guys, they will either help you personally or point you to someone competent enough to help you through this. Either way, don’t it NOW, time is not on your side.
shortsalepowerhour.com
Bless your parents, they are wonderful.
You also need a good attorney to represent your interests.
The potential for people to game (fake hardship to get out of a loan) this type of scenario is why it is not allowed.
Our first offer was submitted to Wells Fargo, within 1 week we heard back from the bank that they received it, I got a contact number and transaction number and they extended the forclosure date two months.
We had to sign an affadavit that is was an "arms length" transaction, certifying the buyer was not a family member, friend or that they would sell or rent the house back to you, so the parent option is out.
The buyer withdrew from the first offer and now we have received our second offer. From my understanding most banks will extend the foreclosure date three times and try to make a short sale work. Although it takes some time and you have to have a very patient buyer, your credit will be saved and the bank prefers that you stay in the house.
After a short sale is complete in most cases the credit report is marked paid in full and you can have good credit and maybe even buy a house as soon as 12 months of no late mortgage payments. A foreclosure on your credit report will hurt you for 3-7 years.
I have found that Bank laws trump state laws, so whatever your state law is concerning loan and sale behavior the banks totally ignore it.
Stay in your house, hire a Realtor to list it (if you get no's find the short sale expert) and then get the necessary paperwork in for a short sale. I had to fax 67 pages of documentation, the Realtor will do it and the bank will pay the commission and maybe repairs if needed for financing.
Can your parents pay the amount in arrears? Then you could sell the house to them and buy it back with a rent to own deal?
I’m sorry you’re facing this situation.
Until your house has been auctioned by the county trustee, if your State does it that way, the house is yours. You can pay the mortgage and keep it up to the point it has been auctioned.