Buying a trailer is like buying a car. They come with a title and here in the midwest most trailers depreciate a lot quicker then a home does. You are not buying Real Estate so you may not be able to get the write off or be able to get a "Mortgage" on the trailer itself. So think of it as a used car.
I suggest getting a free quote from a local structural engineer to let you know what the real cost of repairing that foundation would be, before you even think about remodeling! Good luck! Vicki
If the lenders attorney stated YOU could buy it back, there shouldn't be a problem with your parents purchasing it. I would get that in writing and have your attorney check it. I know it has to be an arms length transaction when you own it and are doing a short sale, but after they already took it back it might be possible. Is there a redemption period in your state?
All depends on your state laws. Foreclosure laws vary. We have Judicial states and non judicial states. Sounds like you would be the perfect candidate for a short sale. A short sale will save you from a foreclosure and usuallly doesn't cost you a dime! If you go to foreclosure the lender can come after you for the shortage. SO if they sell your home for $50,000 at auction and you owe $115, they could be pursuing that $65,000. I've seen wages garnished already! A short sale done correctly releases you of the past debt and the lien. Find an experienced Short Sale Real Estate agent and ask them how many short sales they have closed. Good luck!
Is filing bancruptcy an option? Most notes are unsecured. A lot of short sale clients sign those unsecured promissory notes and end up filing bancruptcy because they can't afford the notes and it's less expensive to pay $2000 for a BK case. Check with a BK attorney and get their opinion.
I'm guessing they want to short sale their home before it gets foreclosed on! Am I right? Do I get the cookie? :)
I'd suggest Googling a short sale Real Estate agent in your local area. Ask them how many short sales they have successfully closed and invite them over to explain the process. For an agent to explain the short sale process would be quite lengthly here and every state has it's own foreclosure laws, so a local agent would be best. 9 out of 10 short sales fail and that is mainly because of the agents lack of knowledge.and or follow up, so it's really important to find soneone who has closed MANY short sales and understands the process. Good luck!
I'm wondering IF you have 2 mortgages? A first and a second? That would explain a lot! And if BOA is accepting $415,000 that means they are only netting about $385,000 because they have to pay commissions, closing costs, back taxes, etc. on a short sale. Amazing isn't it?And Fannie Mae guidelines have changed to 3 years before you can buy a home after a short sale.