JAMTAMASH Posted September 13, 2007 Report Share Posted September 13, 2007 I was not able to find an answer to my question on the search. I just found out my brother in law is going to let his home get forclosed on. They are only one month behind right now but because of loss of jobs - wife also. Their plans is to live in it until the first of 08 then move out. Of course, the house will go thru its normal routine for forclusure. We have tried helping them with their credits and tried offering suggestions to the forclusure, even offering to get it listed to sell. They will not listen. But what my question is, if at the end when they move out, would we be able to find out what they owe (not penalties added) and offer the bank that amount and that way the mortgage company would not have to go thru a sheriff sale? We love the house and the area where it is at the only issue we have is we are not ready to buy a new house until January so the timing would be just about the same time. The house is in great shape. Charles or any other knowledgable individual? Thanks for your posts! Link to comment Share on other sites More sharing options...
shinyrims Posted September 13, 2007 Report Share Posted September 13, 2007 you can get a better CORRECT answer if you call the bank that owns it or a real estate agent... Link to comment Share on other sites More sharing options...
Rick9972 Posted September 14, 2007 Report Share Posted September 14, 2007 Not sure about family dynamics but the best way would be for you to start paying the payment, have them move out and you in, then "buy" the house the first of the year with the payments you have already paid counting as part of your "down payment". Have something in writing stating this. Link to comment Share on other sites More sharing options...
firstsource Posted September 14, 2007 Report Share Posted September 14, 2007 If they are planning on just walking away from the house, then one suggestion would be that they sell you the house - maybe for the price of the payments from now until January when they are planning on moving out. IF that is agreeable, then buy it on a land contract. Have that written by a Real Estate Attorney. Have the title put into your name. Make the payments until 1 year has gone by and then refinance in your name. You will be able to refinance based on the LTV that exists at the time. What this mean is, lets say that there is a loan for 80K,and the home is worth 100K. You would be able to refinance at 80% LTV. That is the best rates and you would not have to have MI added on or a 2nd mortgage added on. Charles 2nd Mortgage rates are very high now due to the high non-payment rates and the problem that it is hard and dumb for someone holding a 2nd mortgage to foreclose. In a year that may change however. So be sure to check out both payment options if this works for you. Link to comment Share on other sites More sharing options...
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