Is This Do-able?
X's home is in foreclosure and he has filed for chapter 13. I want to help X keep home (and in process make money for myself). The home has a first mortgage with a local bank and a second mortgage with Household Finance. Here's the proposal:
X and I sign purchase agreement, then take purchase agreement to bank for their approval. If bank approves the offer (agreement). Deal closes and I gain property.
After aquiring property I plan to sell property back to X on a land contract with a balloon payment.
Three questions: 1) in taking purchase agreement to bank for their approval, must mention be made in the purchase agreement about the proposed land contract.
2) While waiting for bank acceptance of offer, how do I protect myself against seller selling property to someone else? or against seller backing out of deal to repurchase property from me.
3) Can land contract be made between me and X if property is still owned by X?
(My thought is no, because you can't sell what you don't own)
Any advice will be helpful. Thanks
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