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
one 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
on 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
purchase. 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
our 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
problems 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!


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With friends like yours who needs enemies?


Dimitri

I am sorry if you feel this is a friend issue. I am sure you've never ended
up in health crisis and on the verg of loosing everything. They paid/carried
on a mortgage for 6 months so we can purchase their home. No one could have
ever perdicted what the future held for them.
They are sick that we are in the middle of this.
You know the saying there are only two things you have to do in life. Die
and Taxes. Well fortunately they avoided death (barely) and now they are
tackling the Taxes.
I hope you never end up in a situation like theirs and if you do I have you
have friends like them to help you out.

"D. Gerasimatos" wrote in message
...


With friends like yours who needs enemies?


Dimitri



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In article ink.net,
Nikkie Adams wrote:

I am sorry if you feel this is a friend issue. I am sure you've never ended
up in health crisis and on the verg of loosing everything. They paid/carried
on a mortgage for 6 months so we can purchase their home. No one could have
ever perdicted what the future held for them.


Someone had to make the mortgage payments. If they weren't then that person
should've been you. Right?


Dimitri

"Nikkie Adams" wrote in message
link.net...
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
one 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
on 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
purchase. 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
our 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
problems 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!

this is Turtle.

I don't know the exact details here but here is one thing you may want to
look at.

If the home is sent to the City , county, state, or IRS sale . You can get a
shot at buying it from them and might be a very much lower price than you
was going to pay for it in the first place. If your buddy does mess up and
not get it paid for don't worry for on Nov. 21, 2003 you can bid on it to
buy it from them. Have your bank loan ready to cut a check and buy it from
them. the bank , loan companys will only bid what they think they could
maybe get for it on the open market or in some cases bid what they really
got in the property. If you bid one dollar over fair market value. You can
have the house at that price. All sheriff or IRS sales are final and no
other people or other can come back on you for other payments. these sales
are final and all debt are cleared on the property when it is sold.

Another ideal here too. Talk to the morgage companys and tell them you want
it and make me a deal or price to sell it to me before the sale and if they
wait till after the sale they don't need to talk to you for you will be
buying it at fair market value or what ever the price it sales for. these
people know when to cut a deal and not have to take a lost on it when
someone like you want to take this bad loan off their books. They are not
dumb and will cut you a deal in a heart beat. I bought a rent house like
this and paid for it before it ever went to the sheriff sale for the Loan
company. i bought it for 10% less than apprasial price before the sale
started. I just cut the deal with the lenders and we cut a deal.

It's dealing time right now.

TURTLE

On Thu, 17 Jul 2003 00:15:46 GMT, someone wrote:

1st, I don't really understand the phrasing of your post's title, like
it was any choice of yours???? Otherwise, looks like short sale or no
sale.
..

I am sorry if you feel this is a friend issue. I am sure you've never ended
up in health crisis and on the verg of loosing everything.

All this has nothing to do with their ability to transfer the property
to you free & clear. Because they are your "friend" and you feel
sorry for their health crisis, blinds you to the fact that they let
you get so far along, before 'finding out' that they are $10k short.
What would you think of someone who was not a friend, who led you into
something like this? Well, your friend having the same effect on you.


No one could have
ever perdicted what the future held for them.

Yeah, so what. Doesn't effect the present facts. No one could
predict what the future holds for anyone. They are no different.


They are sick that we are in the middle of this.

But you still are.


I hope you never end up in a situation like theirs and if you do I have you
have friends like them to help you out.

How are you helping them out? Only if you are paying above market
which made it worthwhile for them to hold on and sell to you.
Otherwise, they should have sold it sooner (which means to someone
else). So, if they are helping you out, then that screwed THEM.
Maybe they are hinting that you should cough up the 10k. If you think
they helped you so much, and they are a 'friend', then maybe you
should, and show us all what a good friend you are. Yeah, you talk
indignantly about how unfortunate they are and how important
friendship is, but is your money where your mouth is????

And then we would repeat, that with friends that cost you an extra
10k, who needs enemies.



Whether a short sale is feasible will mostly depend upon the 2nd
lender, how much short, how much would otherwise be had from a
foreclosure sale, whether it is a better deal for them to take short
money or foreclose. Nothing at all to do with friendship or health
problems.

-v.

On Thu, 17 Jul 2003 04:21:25 -0500, someone wrote:



....If you bid one dollar over fair market value. You can
have the house at that price....

What kind of 'deal' is to buy a house for over market value?

-v.

Believe me if we had the $10,000 we would give it to them!!! In a heart
beat. Our bank will not loan us the extra $10,000 (yes we tried to get the
extra money) because the house wont appraise for that.
No, whether to short sale or not too is not our decision but our friends are
willing to do whatever we felt needs to be done. If we feel it is a good
idea to pursue a short sale than they will do that. They will do whatever it
takes including liquidating all their assets for it to happen. We have told
them not to do that for us but to use that money to clear their own personal
debt. There were other options for us to close on the house besides their
liquidating for it.
So far, a short sale is probably not necessary. The lien is in process of
being transfered to their current property (which already sounds kinda like
a short sale just takes awhile for the Bank to pull together). The property
will have a clear title around Sept. 1st. We will then be able to close.
I am not blind to anything BTW these are friends that I would do anything
for and they would do the same for me. They were aware of a possible short
fall and planned on paying the short fall out of pocket at closing BUT again
stuff happend and when closing came around in May they had hit bottom
unexpectedly.
I would give them the shirt of my back, the food off my table and the roof
over my head if it was going to help them through this time. After all they
have already done that very thing for my family when we were in trouble!

"v" wrote in message
...
On Thu, 17 Jul 2003 00:15:46 GMT, someone wrote:

1st, I don't really understand the phrasing of your post's title, like
it was any choice of yours???? Otherwise, looks like short sale or no
sale.
.

I am sorry if you feel this is a friend issue. I am sure you've never
ended
up in health crisis and on the verg of loosing everything.

All this has nothing to do with their ability to transfer the property
to you free & clear. Because they are your "friend" and you feel
sorry for their health crisis, blinds you to the fact that they let
you get so far along, before 'finding out' that they are $10k short.
What would you think of someone who was not a friend, who led you into
something like this? Well, your friend having the same effect on you.


No one could have
ever perdicted what the future held for them.

Yeah, so what. Doesn't effect the present facts. No one could
predict what the future holds for anyone. They are no different.


They are sick that we are in the middle of this.

But you still are.


I hope you never end up in a situation like theirs and if you do I have
you
have friends like them to help you out.

How are you helping them out? Only if you are paying above market
which made it worthwhile for them to hold on and sell to you.
Otherwise, they should have sold it sooner (which means to someone
else). So, if they are helping you out, then that screwed THEM.
Maybe they are hinting that you should cough up the 10k. If you think
they helped you so much, and they are a 'friend', then maybe you
should, and show us all what a good friend you are. Yeah, you talk
indignantly about how unfortunate they are and how important
friendship is, but is your money where your mouth is????

And then we would repeat, that with friends that cost you an extra
10k, who needs enemies.



Whether a short sale is feasible will mostly depend upon the 2nd
lender, how much short, how much would otherwise be had from a
foreclosure sale, whether it is a better deal for them to take short
money or foreclose. Nothing at all to do with friendship or health
problems.

-v.



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"v" wrote in message
...
On Thu, 17 Jul 2003 04:21:25 -0500, someone wrote:



....If you bid one dollar over fair market value. You can
have the house at that price....

What kind of 'deal' is to buy a house for over market value?

-v.

This is Turtle.

Little v , you havn't been at many Sheriff's sales laterly have you. At the
Sheriff's sale the Bank that is selling the property will make a standing
bid of what the house will sell for on the open market or some call
apprasial value. The bank will bid this just to not loose any money off the
property and sell it theirself to the public. Now if the house has a loan
from the bank of say $50,000.00 owed on it and it is worth $75,000.00. The
bank will only bid $50,125.00 . The $125 dollars for the sheriff sale cost
that is tacked on it to cover the sale expences. You can bid $50,126.00 and
they will sell it to you or not bid anymore because they got their money
back and don't care about being in the realstate business. You onlydanger is
someone else at the sale that may want the property and may bid it up to
apprasial valve and if you want it . You will have to bid on up to the
apprasial valve and stop. There is a very little chance of this going this
high at a sheriff sale fopr people don't go to the sale to pay retail for
the property and then resell it for retail price. they are there to make
money not buy and sell, at the same price.

Now when i stated you could bid Apprasial price + $1.00 and the house is
your for sure. Nobody will go there with you so if you want it. Bid this and
it is yours. I bought a rent house at the sheriff sale for $32,000.00 and
the apprasial price was $54,000.00 . they was nobody there that wanted to go
to retail there so I got it at a pretty good price.

Now what is wrong with this Little v?

TURTLE

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

"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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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!

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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In article k.net,
Gold Lexus wrote:
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.


What a nice friend to not mention this.


Our friends dragged their feet in getting it on the market for 3 weeks...


That's what friends are for.


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.


You could've paid their rent in March, April, May... Weren't you living
rent-free at this point?


Dimitri

You could've paid their rent in March, April, May... Weren't you living
rent-free at this point?

NO we weren't. We sold in April... We moved in in May, we are responsible
for 1 week in May, all of June, July and Aug. all of which will be taken
care of at closing.

Our friends dragged their feet in getting it on the market for 3 weeks...


That's what friends are for.

Probably a poor choice of words. They did interview realtors during that
time. In fact the day we sold our home they had signed with a realtor and
the signs and listing was set to be posted the next day. Our friends
arranged for an Exclusion with the realtor for us. If we sold our home
before their home sold our current deal stood and no realtor fees would be
paid.

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.


What a nice friend to not mention this.

I have to agree, I wasn't very happy when I heard they were unable to make
the payment but than again had things gone as planned we would have closed
in May so it wouldn't have been that big of a deal. The loan would have been
in default but at least not in the process we are in now with a Trustee
Notice of Sale.
It is really a bizarre set of circumstances to say the least but it looks
like it is going to be fine providing we close as planned. All signs point
that way but than again all signs pointed to closing in May too.
I am in constant contact with Escrow right now and my friend is in constant
contact with the bank that is handling the lien transfer, hopefully, this
will help keep anymore surprizes at bay.



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"Gold Lexus" wrote in message
hlink.net...
You could've paid their rent in March, April, May... Weren't you living
rent-free at this point?

NO we weren't. We sold in April... We moved in in May, we are responsible
for 1 week in May, all of June, July and Aug. all of which will be taken
care of at closing.

The whole thing sounds pretty odd to me, but regardless I have to wonder
why you don't pay the rent as you go, instead of rolling it into the
closing?
At about $2000/month (guessing), that's $6000 towards the $10,000 they
need.

--Neil

Rent was all set up thru' escrow. It was originally to be for only a couple
of weeks. Since closing was to be 'anytime' we were adviced to leave the
rent to closing.
Our rent is $1,000 a month not $2,000. We are buying our dream house but not
a mansion
I agree it is all really odd but apparently not to our Escrow agent. She has
dealt with sitautions similar to ours admittedly not that often but she's
seen it.
The fact that there is now 'chatter' between escrow and the bank handling
the lien is a good sign of closing actually happening in the next 30 days.

"Neil Williams" wrote in message
news:TXySa.6094$Ne.2588@fed1read03...
"Gold Lexus" wrote in message
hlink.net...
You could've paid their rent in March, April, May... Weren't you
living
rent-free at this point?

NO we weren't. We sold in April... We moved in in May, we are
responsible
for 1 week in May, all of June, July and Aug. all of which will be
taken
care of at closing.

The whole thing sounds pretty odd to me, but regardless I have to wonder
why you don't pay the rent as you go, instead of rolling it into the
closing?
At about $2000/month (guessing), that's $6000 towards the $10,000 they
need.

--Neil





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On Sat, 19 Jul 2003 02:06:06 -0500, someone wrote:

....If you bid one dollar over fair market value. You can
have the house at that price....

What kind of 'deal' is to buy a house for over market value?

lots cut about how bank sets price of loan plus expenses of sale
more cut about how he bought a rental house for a little over the loan amount but it is worth more.
Now when i stated you could bid Apprasial price + $1.00 and the house is
your for sure.

Now what is wrong with this Little v?

TURTLE

Yet more proof that the big TURTLE is indeed a very dumb animal.

What is wrong is that you are contradicting yourself.

In your first post, you said to bid "one dollar over fair market
value".

Now you said something different, to bid over loan plus sheriff's
costs.

Now you are saying bid one dollar over "appraised value" but you
apparently have NO CLUE what appraised value is.

Sure, bid over market and you could very well have the house. But
that would be no bargain. The bargain that you brag about getting,
was NOT at one dollar over FAIR MARKET VALUE. You are bragging that
you got it UNDER FMV, for just the LOAN amount.

You seem to think the whole world is based on your one little
experience.

That is what is WRONG, little turtle.

-v.

"v" wrote in message
...
On Sun, 20 Jul 2003 01:55:27 GMT, someone wrote:

Now, if you had it, and then people were always hitting you up for
loans or donations, then you would really have to step up to the
plate.

If we have what a FRIEND needs we would surely try to help.

You may not have $10k, but do you have $5k? How about $2k? $1k? Or
is your excuse then, well its not really enough to solve ALL their
problems, so therefore you won't do any good at all give them any?
And you are assuming we haven't given them any money?

Not that it is any of your business but we have. Sure it isn't enough to
solve their problem but it bought them some groceries and paid a couple of
bills. We just didn't label the money as 'rent' for the house. Incidently, I
use to work for them in their business and gave my last paycheck to them.
Yes I can but money where my mouth is.

I am not optimistic about the "lien transfer". If it works fine.
Otherwise, it will still remain to be seen, if the creditors will take
a short sale.

You don't have to be. The bank has approved the transfer we/our friends and
the bank are now going thru' all the paper work to clear the title and
close. Apparently, it takes some time. Escrow has set up a date of Sept. 1st
but all paper work will likely be completed mid August.




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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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