Posted on: 28th Aug, 2009 03:16 am
Can someone living at a house buy the house on a short sale if their name is not on the loan.
I currently like with the owner but they have stopped paying and I would like to not move.
Is this even possible ?
They have HSBC as the first and second.
Thanks: Glenn
I currently like with the owner but they have stopped paying and I would like to not move.
Is this even possible ?
They have HSBC as the first and second.
Thanks: Glenn
Hi,
You need to talk with the lender regarding this. I personally feel there should not be any problem if you buy the property in short sale. You are not related to the owner of the property, I guess. In that case, the sale will be considered as fair sale, not an arm's length transaction. The lender should also not have any objection to it, I believe. After all, they want to reduce their loss as much as possible. If you offer a good price for the home, the lender should not have any problem with approving the short sale offer.
You need to talk with the lender regarding this. I personally feel there should not be any problem if you buy the property in short sale. You are not related to the owner of the property, I guess. In that case, the sale will be considered as fair sale, not an arm's length transaction. The lender should also not have any objection to it, I believe. After all, they want to reduce their loss as much as possible. If you offer a good price for the home, the lender should not have any problem with approving the short sale offer.
it's a nice idea to speak with the lender, but it's likely that they won't talk to you, nobody home.
you're not a party to the loan in question, so they are restricted from speaking with you, in my opinion. i would imagine you've had this conversation with the owner, so if you have that person contact the lender, they'll at least converse with him or her.
you're not a party to the loan in question, so they are restricted from speaking with you, in my opinion. i would imagine you've had this conversation with the owner, so if you have that person contact the lender, they'll at least converse with him or her.
Thanks for the replies.
I currently am listed as a authorized user to talk with the lender on the accounts. They have used my income with hers for a loan modification before but then it went up to more then we both made and we stopped paying. The house and loans are in her name only.
I have been approved for a loan but it would be easier to not move if I could buy this place.
Its not my loan but since I live here I don't know if they will like that.
Does this even seem possible ?
Thanks: Glenn
I currently am listed as a authorized user to talk with the lender on the accounts. They have used my income with hers for a loan modification before but then it went up to more then we both made and we stopped paying. The house and loans are in her name only.
I have been approved for a loan but it would be easier to not move if I could buy this place.
Its not my loan but since I live here I don't know if they will like that.
Does this even seem possible ?
Thanks: Glenn
the only way to determine if it is possible, glenn, is to speak with the lender. the lender is the party which would have to approve the short sale. call them.
I checked with the Lender and they at first said to submit an offer. But then once an offer was submitted someone from the short sale department called and said that since I lived here that they could NOT accept an offer from me.
At least I tried.
Thanks for the help.
It was a long shot anyway.
Enjoy: Glenn
At least I tried.
Thanks for the help.
It was a long shot anyway.
Enjoy: Glenn
Did they say this was due to some policy or some goverment rule?
honestly, i'm not surprised that the lender balked eventually. i don't believe there's any regulatory reasons, but it truly strikes me as a situation in which they feel you ought to have helped out if you were living there to begin with. there may, indeed, be some legal issues that would arise, but what they might be i don't know.
as you said, glenn, it was a long shot to begin with.
as you said, glenn, it was a long shot to begin with.
But its good for the lender if they are really ready for a short sale why not sell to the current renter
as i noted, there may be legal issues which would preclude it. i think if i had to make such a decision for a lender, i'd prefer to have a completely disinterested third party be the new purchaser, not some housemate of my defaulting borrower.