How could I short sale my sons house from bank? If he owes 113,000 and he’s only had it five months and his wife left him and he can’t make payments. How could I get it if my name is same as his? Is there someone who could do it for me? I thought if I could ss it I could rent it as its on property I gave him. Help??? ps The 3 acres I gave him was used as collateral also. :argue
Hey , Doesn’t anyone have the answer to this ??? Please help
Based on this info: lender will look closely at same “last name” principals. Start the SS process, financials, sales agreement, distress letter, etc. and see where it goes. Is the 3 acres separate from the house?
My experience has been that if the bank sees that the end buyer is purchasing the property has the same surname –– it’s a no go.
As the investor, you need to step in and create a back-to-back closing where you buy the house from the bank, and sell to the the end buyer (the sons).
This is best done with an option contract.
Because he has only been there 5 months the bank will more than likely look at a family member trying to short sale as being premeditated. So chances are they won’t go for it. But, you could try being up front with them and see…with the way the market is today you never know what might happen. The worst they can say is ‘NO’.
GooD LucK! :beer
Banks will not consider short sales to family members (especially if last name is the same.) If you have the ability to cure your son’s default on the property, you could “assume” the mortgage and modify it at the same time. It pretty much works out the same as a short sale, but you will be up front with the lender about your relationship to the borrower.
Communicate with the lender and tell them that you are considering assuming the mortgage for your son as long as your total loan obligation will not exceed the current value of the property. They may modify the loan by lowering the total balance due so it does not exceed value.
HOWEVER… your son may be forced to sign an unsecured note for the difference. He will then owe this to the lender even after the property has transferred to you with the new loan. (This is not for sure, but assumed as the bank will always try to collect their loss.) You can always back out before close of escrow and as long as your son does not sign any additional unsecured notes at escrow.
Thanks, My son has the house on a portion of the 3 acres I gave him. Are there any ss negotiaters who could do this for me and then me be the buyer for a fee? Thanks for any help. My son is not married. They lived together and home is in his name only?
Another question If his fiance comes back is there a way he could put me somewhere on the deed or title so that if he gets married his wife can;t leave him and he lose house and 3 acres to her? Thanks for any help?
Hold title as “Joint Tennants with Right of Survivorship” or put the title under an LLC that you and your son are members of.
Possibly not.
If you’re in a community property state, she could claim half of his share, and force him to sell it to pay his share.
A pre nuptial contract would be the only way to stop it.
Hold title as “Joint Tennants with Right of Survivorship” or put the title under an LLC that you and your son are members of.
What does this mean/ The joint tenant w/rights of surviorship
Thanks ahead of time!! Anyone
Yeah, if your related the banks wont go for it… I already tried with CountryWide… I sent in a package and the first thing they did was notice the same last name and said NO.
Re: Joint Tenants with Right of Survivorship: There are several ways to take title in a piece of real estate. Joint tenants with rights of survivorship means that you cannot transfer your interest in the property without the other owner’s permission. In the event that permission is received, a new deed would have to be prepared. In addition, your interest in the property, at the time of your death passes directly and immediately to the other owner or owners without the necessity of probating a will.
This is opposed to holding property as “tenants in common”. Tenants in common means you can transfer your interest in the property freely, without the necessity of the other owner’s permission. Your interest is also transferable on your death, that is your heirs may inherit your interest through your will.
Short sales must be “arm’s length” transactions. This means you cannot buy a house via short sale from a family member, whether you have the same last name or not.