Am I Up A Creek?
Okay. I've gleamed from reading everyones different topics, that I am unable to put together a short sale package for an offer on my parents foreclosure. Is this correct? My objective was to help them stay away from the courthouse steps and get a great deal on a house. I was going to get outside financing (under my married name) to buy. Will this work? Will the mortgagee ever ask me if I'm related to the seller?
Why not give it a try. I would also try to see if you local bank would give you a short term loan.. You could even get the deed and try to do a refinance in your name.. You might even be able to negotiate something for your parents and have the bank put the back payments on a re-payment schedule or on the back-end of the loan. Banks are not in the business to foreclose. Send a good letter to them explaining the situation or try to do your short sale...
Why dont you try submitting a short-sale package to the bank, what do you have to lose? Maybe the ShortSalePro has some input on this one..
Best Riches,
Jeff Adam
[addsig]
"Okay. I've gleamed from reading everyones different topics, that I am unable to put together a short sale package for an offer on my parents foreclosure. Is this correct?"
To the contrary... I've encouraged you to pursue a pfss ASAP. Admittedly you need help and don't want to waste time reinventing the wheel... You were emailed an application. What are you waiting for?
If I were worried about the bank recognizing a short sale from me I'd spend the money to put together a corporation or LLC and make the offer in the company name.