foreclosure pending need assistance

[dutchess2]

What is the name of your state?NY
my sister said she is going into foreclosure. she is babbling something about having my 21 yr. old son (someone she could trust) do equity sharing. i am not sure what this is. she said she sells the house to him for a year he gets money and pays the bills. after a year he sells the house back to her.

never heard of this.

can anyone help.
is this something positive? should my son get involved?

 

[HomeGuru]

What is the name of your state?NY
my sister said she is going into foreclosure. she is babbling something about having my 21 yr. old son (someone she could trust) do equity sharing. i am not sure what this is. she said she sells the house to him for a year he gets money and pays the bills. after a year he sells the house back to her.

never heard of this.

can anyone help.
is this something positive? should my son get involved?

**A: he would be called a straw buyer in a foreclosure bailout. He could get invovled but not without assistance from a real estate attorney.

 

[BriantheBanker]

bail out

You son should charge her at least 10% (paid to him at close) and require 12 months PITI payments be held in an escrow account.
a hard money lender will charge more (if they would even do the loan.)

You can get this done, without an attorney. A seasoned mortgage professional could help structure this transaction cheaper than any other professional. You WILL need a mortgage (that will have costs). Why pay the mortgage costs + attorney fees (or) + realtor fees???

I would not do it without proper compensation and THE ESCROW of payments!!

Don't let her screw your sons credit up!!

Good luck,

BriantheBanker

 

[HomeGuru]

Brian, please remove your company website link from ALL your posts.
Read the terms and conditions with respect to advertsing of which the link is at the bottom of this page.
Thank you.

 

[BriantheBanker]

force of habit

I wasn't trying to advertise. I have signed the same way for 6 years. Didn't mean to be a rule breaker.

 

[Bridgetab]

In need of advice

I am in Georgia:
I am on a mortgage for a house with someone I am not married to. Is it possible to get my name off of the papers and the house.

 

[HomeGuru]

I am in Georgia:
I am on a mortgage for a house with someone I am not married to. Is it possible to get my name off of the papers and the house.

**A: please start your own new thread. Do not hijack a thread like you did here.