Roseville Short Sale Help - Roseville Short Sale Specialist, Mark Peek, recently received a question
from Sara.
Here is Sara's Question. "Is it legal for a seller to buy their own short sale to reduce their mortgage balance?” asked Sara.
Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling.
However, banks and lenders don’t allow it. If the short sale negotiator sees a sales contract with you as the buyer, they won’t approve the short sale.
Sure, you could do fishy paperwork to buy the home yourself. But, you risk getting prosecuted for fraud, if caught.
Current lender guidelines prevent a purchase after a short sale for 2 years. There is an FHA loan program that allows you to purchase after a short sale. However, one of the stipulations is that you must buy a smaller or inferior home.
If you are looking to reduce your mortgage loan, do it the legal way. Get a loan modification with your current lender. Or, short sale your current home with a Roseville Short Sale Specilaist, rent for 2 years, and then buy a new home.
That allows you to wipe out the upside down debt and move on with your life. And best of all, you aren’t at risk of going to jail for fraud.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at mdpeek@gmail.com.
I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.
Or, if you prefer, you can call me at (916) 580-6084
Discover how other sellers successfully completed a Roseville Short Sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Roseville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Mark Peek. Mark is a Real Estate Agent at Keller Williams Realty. Roseville Short Sale Help:
Phone: (916) 580-6084.
"Know Your Options"
View My homes for sale at www.CallPeek.com.
Mark Peek specializes in loan modification assistance and short sales in Roseville CA and surrounding areas. Roseville Loan Modification Help, Roseville Short Sales. Roseville Short Sale Realtor. Short Sale Realtor. Roseville CA Short Sales. Roseville Real Estate. Roseville Short Sale Help
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Mark Peek's personal views and do not reflect the views of Keller Williams Realty.
This information on Roseville Short Sale Help - Is it legal for a short sale seller to buy his own short sale? is provided as a courtesy to our viewers to help them make informed decisions on Roseville Short Sale Help.
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