Posted by River City on September 27, 2009 at 14:05:59:
That might be construed as a form of fraud. You might want to think twice before considering this any further.
Buying back own house on a short - Posted by Jay Neub
Posted by Jay Neub on September 27, 2009 at 02:15:59:
How does one legally buy back own house on a short? What Im getting at is to have a friend or acquaintance purchase and then lease option or deed the property back to me.
Re: Buying back own house on a short - Posted by Bill Jacobsen
Posted by Bill Jacobsen on September 28, 2009 at 21:31:55:
I have purchased homes on short-sell from relatives and acquaintances. There is nothing illegal about it although the lender may not cooperate. On only 2-3 occasions have I been asked whether I had known the person before the transaction or whether the person was a relative. On the occasions I was asked they were not. I have also lease optioned property to persons I had purchased from on a short-sell. Again, nothing illegal although certain state laws may apply. The rub comes when there is an agreement outside of escrow to deed back property, etc.
The friend or acquaintance is taking a huge risk in that you aren’t able to make payments now. What will change in the future?
Bill