"Rent" is set up to be paid at closing.
So yes and no. We are not paying anything now but it will be handled thru'
escrow at closing.

"Kali" wrote in message
...
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



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