Foreclosure in Queens>Question Details

ca_emails, Home Owner in Naperville, IL

Can I help my in-laws, facing foreclosure (by paying-off, refinancing or other negotiation with current bank) by transferring their title to me?

Asked by ca_emails, Naperville, IL Sun Nov 13, 2011

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8
Allen Bauman’s answer
If you have the ability to pay off the mortgage with cash you will solve their problem. You can have an attorney structure a loan/purchase agreement with your in-laws so that the home becomes collateral for your good deed. However good deeds don't always go unpunished. Are they under water? In other words do they owe more on the mortgage than the house is worth. You need to have an appraisal done so that you are assured your generosity is covered with adequate collateral. If a cash transaction is not possible have your in-laws seek legal advice.
0 votes Thank Flag Link Mon Nov 14, 2011
If the foreclosure is at the point of auction you have until 5 days before the auction date to pay off what is owed. As Allen stated, contract using a loan/purchase agreement to protect yourself. You can try refinancing with the bank but they just want to get paid and if the mortgage is underwater (market value of home is less than what they owe the bank) there is no equity in the home to justify refinancing. A short sale takes too long in many cases the home gets auctioned off before getting anything back from the bank about a short sale request (short sales are a way to sell a house by reducing what is owed to the bank, low success rate). The title will not be transferred to you, most likely the bank has a lien on the property until payments are made or you purchase the using your own financing effectively making it your home where your in-laws are now renting or leasing the home from you. I don't think you want to go to the extent of owning the home.

all the best!
0 votes Thank Flag Link Wed Dec 5, 2012
Scott has given you great advice, take the time to work to see if the are willing to work with you. Have your in-laws work through an offer to purchase (whether it would be as a short sale or not) and they can get their funding as a new buyer. The fact that they are your relatives usually does not matter to the bank they are financing through. Your bank just wants to be paid, so they may not even know they are your relatives (I realize I am saying this and you are in IL, so it might be different there). Talk to your attorney to help walk you through this process.

Good Luck.
0 votes Thank Flag Link Sun Nov 13, 2011
You can vacate the foreclosure in 24 hours by following my plan. Call me at 321-549-1052 or email me at :munozmelbourne@yahoo.com. The bank will be FORCED to come to you to negotiate. Very little work on your part and they will stop paying the mortgage for all the time this will take to be brought to a finish. I guarantee the foreclosure will be stopped and if you want to go further, you can get the bank to refinance at your terms.
Luis S
0 votes Thank Flag Link Sun Nov 13, 2011
You can vacate the foreclosure in 24 hours by following my plan. Call me at 321-549-1052 or email me at :munozmelbourne@yahoo.com. The bank will be FORCED to come to you to negotiate. Very little work on your part and they will stop paying the mortgage for all the time this will take to be brought to a finish. I guarantee the foreclosure will be stopped and if you want to go further, you can get the bank to refinance at your terms.
Luis S
0 votes Thank Flag Link Sun Nov 13, 2011
Depending on how far along the foreclosure process is, consider consulting with an attorney who specializes in real estate...if you need attorney recommendations feel free to contact me directly.
0 votes Thank Flag Link Sun Nov 13, 2011
In order to transfer the title you would need to complete a sale. you can pay off what is owed or attempt a short sale to get the lender to take less. You can be a co-signer on a mortgage and add your name to the deed as well, in that case you should try to have the bank re-write the loan and terms through a loan modifciation. Having a professional who works with both cases sure does help sometimes.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Nov 13, 2011
Hi there,

there are many thins can be done... yet there is more into it.

it all depend on what stage they are in the process, and many other variables.

We are specialized in distressed properties, may be able to stop the foreclosure and help.


there are few thins you can do:
1. you can payoff some of the mortgage balance that will "cool" thins off (for a while)
2. mortgage modification we can try
3. renegotiate with the bank on the mortgage
4. negotiate a short sale.

you can view much more information on our website http://www.qbhomes.com/short-sales there is a lot of info there on options.

please feel free to call me at any time
Saar347-510-1616
0 votes Thank Flag Link Sun Nov 13, 2011
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