Saving my Mother in Law Can this be done)

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This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 2 months ago.

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    Anonymous

    My mother in law is behind on her mortgage, she is an unemployed widow receiving SSI. Her credit is toast, and basically can not afford her mortgage.*
    Add to that, the home is worth considerably less than she owes on it.
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    I would like to buy her home, (and she will become a renter) but not for what she owes the bank seeing as how it isnt worth that much. My credit is good, and I have no problems qualifying for a home loan.
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    My questions are as follows:
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    1.Can she short sell the house to me.
    2. Since this is not an arms length transaction.. is this legal.. or do they see it as trying to circumvent the system?
    3. What would you recommend that I do?
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    Thanks in advance guys
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