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signwith son on mortage

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petuniacas Joined: 21 Feb 2011 Posts: 1 1.28 Dollars($)	Posted: Mon Feb 21, 2011 6:09 pm    Post subject: signwith son on mortage Like 0 Dislike 0 we signed on a 1 year loan that renews each year at our home town bank. Our son in going into forclosure. We are wanting to sell our home to our other son. Can there be any problems down the road because of it.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Feb 21, 2011 9:14 pm    Post subject: Like 0 Dislike 0 Welcome petuniacas, If the son who's facing foreclosure is not on the deed or the mortgage docs of your property, then you can sell off the the property to your other son. However, if your son who's facing foreclosure is on the property deed, then you may not be able to sell off the property now. If you sell off the property, it might be considered as fraudulent. _________________ Procrastination is the enemy of your financial success
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Tue Feb 22, 2011 7:39 am    Post subject: Like 0 Dislike 0 It's not going to be as easy as it seems. Many lenders will look at it as a Foreclosure bail out and not finance the loan. The scenario needs to make sense. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net

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