All Forum Posts by: Richard Graham

The situation is the husband is a dirt bag, not paying child support and self employed carpenter with no work. When they were together he was working and could afford the home. She went to see a broker friend of mine who said he could get her qualified for a new loan but not for enough to cover the existing loan hence the reason for the need for the S/S flip to get the principle reduction. She has already asked the lender if they would short sale to her and of course they said no. Would seem to me it would be in the best interest of the bank to get an appraisal give her a principle reduction and let her assume the loan with new terms.

She will be financed

forget the owner finance. Do a lease option, givem a rent credit. Keep the asset for depreciation purposes and carry on until somebody runs these progressives outta office

is there any way around it. She has 2 small kids and really does not want to move if at all possible. Can she quit claim it to her X hubby? will that make any difference.

I have a co worker who wants me to help her. Her and her husband are divorced the note is in his name only but they are both on the deed. She lives in the home he does not. They went through the trial loan mod but he did not qualify. Saxon would not accept payment today. They also said they would not short sale the house to her because she is on the deed. Can I negotiate the s/s buy it and flip it to her with out going up the river?

Old School Title has one for free on there website. Review it with your legal council.

Hi Dave, was wondering how this turned out. I just had a very similar deal brought to me this week. Submitted paper work to B of A yesterday for HUD approval. Hard to believe no one has given you any advice on this. Bigger pockets is better than that

My attorney sent ASC a letter stating we were selling it the next day. Never heard a thing back. They were also notified in the contract. Told you twice is that enough

If you recorded your option / contract you can charge your friendly agent a release fee so he can get the deal done.

I am no pro but someone correct me if I am wrong but Debt Forgivness act.
States "Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. "
This should apply to investment property if they are insolvent. Please check with a CPA