I am currently working on a shortsale deal, I have gotten the shortsale package from bank and working on sending them the documents necessary.
I can already foresee a seasoning problem with my end buyer’s bank and I am wondering if anyone know how I can avoid that.
Your input is welcomed
Put it in a trust to avoid seasoning.
Thats is what I’ve heard to form a trust and then assign it (if thats your goal)
CAUTION:
I’ve always heard the same thing until today, when I talked to a law firm who is actually involved with SS on a daily basis. They informed me of this:
It is illegal to transfer a deed into a trust if a property is IN foreclosure for more than 3 mos.
It is ONLY legal to transfer a deed into a trust to do a SS in Fla and ILL
I am not a lawyer, but this is just a word of caution. I am still looking into this.
When you say foreclosure are you talking about after the bank has filed the papers with the court and the date has been set or when the owner initially defaulted on their loan. Please be precise?
It would be from date of the filing of the lis pendens, or law suit, officially, as far as I know…
:cool OWNER finance it if you can ?? HOW were you planning to pay on the ss??