In article NTkRa.5420$Mc.460603
@newsread1.prod.itd.earthlink.net, posted Wed, 16 Jul 2003
23:06:21 GMT, Nikkie Adams says...
:We are in a some what unusual situation right now. We are purchasing my
:bestfriends home.
:We have all our financing approved and were ready to close when our friend
:found out that
:they are $10,000 short of a total pay off of the 1st and 2nd Mortgage. Sooo
:they tried to get
:a loan to cover all costs but due to sever financial troubles and their
:business (self employed) going belly up no
ne will give them the loan. They since have started proceedings to have the
:2nd mortgage lien transfered
:to their current home but it is taking a long time. In the meantime they
:stopped making Mortgage payments
n the house we are buying. They did talk it over with their bank sent them
:the Sale Contract and our loan
:Approval letter to them to show our intent to purchase. In the meantime we
:have moved into the home and
:are waiting for this transfer process to happen. Let me back up some we had
:to sell our home to make this
urchase. Our friends held onto this house 8 months so we can buy it(yes it
:took us 8 months to sell)
:. They made payments up to Feb 1, 2003 then stopped making payments due to
:financial and health issues.
:We sold our home in April and signed an Agreement to Purchase and deposited
:Earnest Money in April for the house we are buying.
:It is in April my friend notified the first mort. holder of the aggreement,
:sent in the Sales Contract and our Loan Approval letter.
:We closed on our home in May. Obviously, we had to move and being as we were
:buying our bestfriends house and it was empty
ur friends gladly gave us the key and had us move in.
:Here we are in the middle of July we just got a foreclosure notice. The
:house will be up for Auction on
:Nov. 21, 2003. My friend called her mortgage company to find out what it
:meant for the pending sale
:they said as long as all debt was paid by Nov. 21 we were fine.
:We do now have a closing date of Sept. 1st but there are other potential
roblems lurking (IRS).
:Would it be a good idea to have our friend pursue a Short Sale? We do not
:want to loose this home!
:It is our dream home.
:I have a call into an Attorney for legal advice. I don't fully understand
:what a Short Sale is all about.
:I do realize to take advice from a newsgroup with a grain of salt. Just
:curious what some might do
:if they were in the same boat.
:Thanks!

Are you living there mortgage payment/rent free? Something
doesn't jive here.

Kali