Foreclosure in 15656>Question Details

Studentssc23, Home Buyer in 15656

My Dad found a duplex for 30,000 paid cash for it. In order for him to purchase the house he had to have someone sign with him as a first time home

Asked by Studentssc23, 15656 Sun Nov 6, 2011

buyer. I signed with him. When signing the contract it stated that I had to occupy the property for at least 1 year before he could flip the duplex. He now will NOT let me live in it until I find someone to give me a $50,000 mortgage. He would then profit 20,000 off of this house that I had to sign on for him to purchase cash. I am also losing my first time home buyers privilege

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All aspects of purchase money, refinance and equity loans are coming under more and more scrutiny. Most first time buyer programs are sponsored by Counties/townships, States or Agencies of the Federal government. Because of the increased scrutiny, you may be putting yourself at risk by participating in a questionable transaction. I would suggest that you speak with a real estate attorney before you proceed.
1 vote Thank Flag Link Sun Nov 6, 2011
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