Update for all the nay sayers. We have closed on our home today!!! For those
who were
concerned, rent was paid which helped our friends with their sellers closing
costs.
We are extremely glad this is over. BTW we got a great rate at 5.8% fixed.
Much better
than when we started!
It is not always best not to do business with friends. In fact this whole
ordeal has been a testiment
of what good friendships are about.

"Gold Lexus" wrote in message
hlink.net...
We had our own home to pay on in Feb. we were trying to sell it. There is
no
way we could pay both. Besides that I had NO idea that my friend was
unable
to make the mortgage. I found out in March. We told them to go ahead and
sell the house and not to hold it for us. Our friends dragged their feet
in
getting it on the market for 3 weeks by then we sold our home and were
then
in the position to purchase their home. We closed on the house we sold in
May and were to close on the house we were buying 2 weeks later at that
time
we arranged for 'early possession' and set up a per day payment plan to be
settled at closing. We had no idea that closing would be delayed to this
extent. The story as to why they couldn't come up with the $10,000 for
closing is quite involved so I wont go into it too much but in a nut shell
they are self employed contractors, got stiffed on a $150,000 dollar job
that was to be paid in Feb. The end of April my friends husband had major
heart problem requiring open heart surgery. Now they are out the $150,000
and he is unable to work although he is doing some light excavating jobs
to
make some money to live on.
I am not sure how we would have done things differently BUT as of now we
are
set to close in Sept. a transfer of lien is in process along with
liquidating the business.
Like I've said before if we had the money they needed we would give it to
them in a heart beat.

"Kali" wrote in message
...
In article ltlSa.110139$Io.9432049
@newsread2.prod.itd.earthlink.net, posted Sun, 20 Jul 2003
00:35:29 GMT, Gold Lexus says...
:"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.

Yet your friend is suffering so terribly, is about to have
a foreclosure on her house that will affect her credit
rating for seven years, and you are so concerned about her.
If you had paid her rent, so that she could continue paying
the mortgage until closing, you wouldn't be in such a
bizarre situation. Escrow won't help pay back mortgage
payments since February.

You must be trolling here. If not, then who is more stupid,
you, or your friend?

:"Kali" wrote in message
t...
: 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

:

--
Troika Woman!



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