Posted on: 21st Feb, 2011 05:09 pm
we signed on a 1 year loan that renews each year at our home town bank. Our son in going into forclosure. We are wanting to sell our home to our other son. Can there be any problems down the road because of it.
Welcome petuniacas,
If the son who's facing foreclosure is not on the deed or the mortgage docs of your property, then you can sell off the the property to your other son. However, if your son who's facing foreclosure is on the property deed, then you may not be able to sell off the property now. If you sell off the property, it might be considered as fraudulent.
If the son who's facing foreclosure is not on the deed or the mortgage docs of your property, then you can sell off the the property to your other son. However, if your son who's facing foreclosure is on the property deed, then you may not be able to sell off the property now. If you sell off the property, it might be considered as fraudulent.
It's not going to be as easy as it seems. Many lenders will look at it as a Foreclosure bail out and not finance the loan. The scenario needs to make sense.
