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can I buy my brothers property under shortsale I carry my husbands last name.

Can I buy my brothers property after this property was sold to him by my oldest sister, and now he wants me to buy it by short sale so the property stays in the family.I carry my husbands last name, and also he has not paid this house mortgage for the 10th month when there is a legitimate renter in the property, is he on default and how long does he have before he looses this house in foreclosure while applying under his Realtor for the Loan modification program 
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October 11 2010 - Bay Terraces
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As previously mentioned, both the seller and buyer will be required to sign aan "Arms Length" affidavit, stating that you are not related to each other.  It is also unlikely your brother will be able to get a short sale approved on this property.  If there is a tenant occupying the property it is considered an investment, regardless of how he acquired it.  He may be in more trouble than he realizes if he is accepting rent and not paying the mortgage and trying to get a loan modification. The banks will grant loan modifications only under certain circumstances.  He should check with an attorney qualified to practice real estate law.  Good luck.
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October 12 2010
I have advised against this in similar cases with my clients. You probably want to steer clear of this.You should consult a lawyer. Also make sure this lawyer can deal with any FEDERAL criminal charges that may come you and your families way in the future. Good Luck! This thread probably would not help your case either.
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October 12 2010
The answer is NO. If you know or are in anyway related to the seller this would be consider a fraud.Yes ,you can consult an attorney ,but when something is ilegal there are not many options.
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October 12 2010

You are not supposed to do it, At closing almost all lenders will have the buyer and seller sign an arms length transaction affidavit, stating under oath and perjury that there is absolutelly NO RELATION between buyer and seller, so would you sign that affidavit??

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October 12 2010

This is a legal matter, so you must consult with an attorney, but in most cases, lenders will have you sign an "arms Length Transaction Affidavit" which means that buyer and seller has to sign a notarized affidavit under oath and perjury if false,  that there is no relation between buyer and seller, so would you sign that, knowing that is not true??

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October 12 2010
You should get some legal advice. I would think if the property was offered via a broker on the open market and your bid was accepted it would be OK. But it still looks bad and has the appearance of lender fraud. Call a lawyer.
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October 12 2010
Caroline did a great job explaining the arms length transaction. The modification is not guaranteed and it is at lenders discretion if they want to approve or not. Should your brother not qualify for the mod he might qualify for the short-sale. Being that he's not occupying the property he might want to talk to a cpa to discuss any liability that might arise from the short-sale.

Good Luck,

Trinidad
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October 11 2010
You do have to sign an arms-length affidavit that is notarized when purchasing or selling a short sale property.  The affidavit basically states that you are not related or have any other relationship to the other party.  If your brother does not qualify for a loan mod, I suggest he try to sell his home on the open market.  If not, you and your brother would be liable if caught.  Best of luck, Caroline
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October 11 2010
Profile picture for wetdawgs
 An arm's length transaction for a short sale is not by family name, but by relationship.  

Loan modification is going to be very tough if he has skipped 10 payments. Part of "loan modification" is that he must have the income to pay the modified mortgage amount, and skipping 10 payments suggests there is an income problem.

How long until it is foreclosed?   Perhaps he should ask his lender.  As you've may have seen in the news, BofA is delaying foreclosures.  With 10 skipped payments, the answer is likely quite soon.  Perhaps this month, perhaps six months.
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October 11 2010
Hi,

Usually the short sale lenders have the buyers and sellers sign an affidavit that they are not related in any way (family, business, friends), so you would not be able to buy your brother's property in a short sale. It's difficult to determine when they will foreclose on a home, as lenders vary greatly in their timing of setting a sale date.  If a Notice of Default has been filed on the home, the earliest the lender can file a sale date is 90 days later.
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October 11 2010
 
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can I buy my brothers property under shortsale I carry my husbands last name.
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