I had a great call today from the flyers I placed yesterday.
Question from a woman was not the payer of the mortgage but she is on the deed. She wanted to buy the house. The home is going to auction in July. Can she buy the house from her mother the actual note holder?
Answer: No, no, no, a thousand times NO. Why? "Most" lenders will not allow a short sale to a family member; an arms-length transfer. The loan is with Chase and they are especially hard-nosed about arms length transfers. Secondly, being a deed holder on a house going to auction, will inhibit her credit for a few years even after they rectify the delinquent balance or sell the home.