foreclosure bailout

[juswannaknow]

What is the name of your state (only U.S. law)? Mi
Is it legal for a relative to buy your house if it is in foreclosure? Is this considered a foreclosure bailout?

[nextwife]

Originally Posted by juswannaknow

What is the name of your state (only U.S. law)? Mi
Is it legal for a relative to buy your house if it is in foreclosure? Is this considered a foreclosure bailout?

You can sell and close with anyone as long as you payoff - in accordance with the foreclosing atty. payoff date and instructions, and payoff all the way up to the business day prior to confirmation of sheriff's sale. The buyer must pay off the required lender payoff plus any legal fees

[juswannaknow]

ok what if the house has already sold at sheriff sale and the bank has agreed to a short sale during the redeemption period, can you then sale it to a relative on a short sale,legally.

[nextwife]

Originally Posted by juswannaknow

ok what if the house has already sold at sheriff sale and the bank has agreed to a short sale during the redeemption period, can you then sale it to a relative on a short sale,legally.

If the buyer pays off whatever the agreed short sale payoff needs to be, via wire or certified funds, by the required payoff date, in accordance with the deal they agree about, I don't see why not.

In a short sale, the lender agrees to accept a reduced payoff of X amount. If your relative pays the required payoff by the required date, I don't see a problem, unless you have an accepted offer from a different short sale offer that ties up the property.