Posted on: 24th Jun, 2009 05:18 pm
If he gets a loan modification, sells us his house at a reduced price and then sells us his furniture in the house after this, is this ok with the mortgage company? Is there a percentage in the state of FL that he can sell, based on , let's say 10% of the sales price of the home, for the personal household goods? For example, we buy his house for $200,000, we also buy the furniture for $20,000. Is this ok if he gets a loan modification?
triciaparish
Welcoem to the forum
I would hire a attorney who specializes in real esate and put together a agreemtn between the two of you
You would be etter off, making payments
Good luck and feel free to ask
Welcoem to the forum
I would hire a attorney who specializes in real esate and put together a agreemtn between the two of you
You would be etter off, making payments
Good luck and feel free to ask
Hi triciaparish,
"If he gets a loan modification, sells us his house at a reduced price and then sells us his furniture in the house after this, is this ok with the mortgage company?"
A mortgage company allows a loan modification so the borrower can afford his payments and avoid a possible foreclosure. If owner's loan has been modified, he should now be able to make the payments and keep the house. But instead, if he wants to sell his house, he will either have to pay off the mortgage in full or have to take permission from his lender. If he can satisfy the loan with the proceeds from the sale of the house, the lender will not have any objection. But if he owes more than what the house will be sold for, the lender may not approve the sale of the house.
"If he gets a loan modification, sells us his house at a reduced price and then sells us his furniture in the house after this, is this ok with the mortgage company?"
A mortgage company allows a loan modification so the borrower can afford his payments and avoid a possible foreclosure. If owner's loan has been modified, he should now be able to make the payments and keep the house. But instead, if he wants to sell his house, he will either have to pay off the mortgage in full or have to take permission from his lender. If he can satisfy the loan with the proceeds from the sale of the house, the lender will not have any objection. But if he owes more than what the house will be sold for, the lender may not approve the sale of the house.
furniture is personal property. a lender isn't going to be concerned with that. i surmise that the sale of the home post-modification isn't going to matter, either.
jenkin has made a valid point in that a reduced price (if it's less than the mortgage owed) will require approval by the lender.
jenkin has made a valid point in that a reduced price (if it's less than the mortgage owed) will require approval by the lender.
