Real Estate Investing Forums

Real Estate Investing => Foreclosures, Short Sales, Tax Foreclosures => Topic started by: egooke on May 16, 2006, 12:55:17 pm

Title: Can You SHORT SALE YOUR own HOUSE?????
Post by: egooke on May 16, 2006, 12:55:17 pm
Is it possiable to short sale your own house.....I have a freind that is willing to help me out.  (Put everytrhing in his name)   I'm not behind yet but quickly heading there as my OT at my job dried up.  Could I miss 3 months of payments and then have my Friend short sale with my bank.  I owe $270k and the house should sell for in the $275,000.....range.  Maybe more if I wanted to wait for 6 months. The first and second are both with Countrywide......  My freind is willing to give me any of the profits that he makes less $5,000 for doing the deal......he wants the practice.  Also, what if they did not accept the short sale....could I make up back payments and keep my house.  I know a lot of info....PLEASE HELP.    Newbie
Title: Re:Can You SHORT SALE YOUR own HOUSE?????
Post by: wells on May 16, 2006, 01:07:39 pm
You might find some answers in this topic: http://www.reiclub.com/forums/index.php?board=30;action=display;threadid=15310 (http://www.reiclub.com/forums/index.php?board=30;action=display;threadid=15310). Hope this helps.
Title: Re:Can You SHORT SALE YOUR own HOUSE?????
Post by: egooke on May 16, 2006, 05:45:26 pm
Thanks for the link...but it looks like her situation is a little different.  I guess I wanted to know if what I would be doing is legal?  Or Not......  Thanks
Title: Re:Can You SHORT SALE YOUR own HOUSE?????
Post by: kacie on May 16, 2006, 07:23:40 pm
Good luck with your sale as you can see  I am having the time of my life on this rollercoaster
Title: Re:Can You SHORT SALE YOUR own HOUSE?????
Post by: egooke on May 16, 2006, 10:24:18 pm
Thanks
Title: Re:Can You SHORT SALE YOUR own HOUSE?????
Post by: hobbyinvestor on May 17, 2006, 10:46:37 am
You can sell your house if you cannot afford the payments. Maybe you can lease option it.

The alternative method you mentioned could get you and your friend in jail.