Home Buying in Atlanta>Question Details

Pamela, Home Buyer in Union City, GA

HAVE A BROTHER WHO WANTS TO WALK AWAY FROM HIS HOME. HE CANT AFFORD IT ANY LONGER.HOUSE NEEDS LOTS OF WORK. I WANT THE HOUSE BUT CREDIT ISSUES

Asked by Pamela, Union City, GA Fri Oct 18, 2013

Help the community by answering this question:

Answers

6
Hi Pamela,

You did not mention the reason that your brother wants to walk away from his home. Is he behind on payments? Is there a looming foreclosure? Has there been a change in his income? First of all I would advise that he NOT walk away from the home. He should first contact his mortgage company and see if he is eligible for a loan modification. If that is not an option perhaps a short sale would work for him. As a Certified Distress Property Expert, I help facilitate short sales everyday and can assist your brother. Many lenders are providing financial incentives to homeowners who go the short sale route.

I will tell you though, if he chooses are short sale, you would not be able to purchase the home as it must be what is called an "arms length transaction". So no relatives would be allowed to purchase the home. You also did not mention what your credit issues are but I would advise that you develop a plan, to work on your credit by paying off debt, paying down credit cards, and trying to establish new credit.

If I can provide you with any additional information, please do not hesitate to contact me directly. Take care!

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
LaShondaSolomon@kw.com
http://www.LaShondaSolomon.com
http://www.AtlantasPremierProperties.com
0 votes Thank Flag Link Fri Oct 18, 2013
My bad! There is also a Union City near me in California. Your answer is excellent.
Flag Sat Oct 19, 2013
Do you have a license to practice real estate in California?
Flag Sat Oct 19, 2013
Rent it from him, help him catch up on the payments, pay your bills on time and pay off any of your past credit issues. Then buy it from him. DON’T mess with his title while dumping money in, his mortgage probably contains a due on sale clause, trigger that and the lender could foreclose on both of you. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Oct 18, 2013
If their loan is not assumable, you would have to get your own mortgage. You should start with getting pre-qualifed by a local and trusted loan officer who can guide you with a mortgage. If you can not buy, your brother should know walking away will affect him for maybe the next 10 years, he can choose a short sale or even a deed in lieu of foreclosure. he should meet with a local and trusted agent to discuss selling or a lawyer to see what he will be responsible for if he walks away.
0 votes Thank Flag Link Fri Oct 18, 2013
You can always look into "private money" (hard money) if its a good deal
0 votes Thank Flag Link Fri Oct 18, 2013
Many lenders have "arm length" agreements that would need to be signed in the short sale process if that is what you maybe considering.... and if the property needs repairs that are required for an FHA loan, if that is what you are considering to finance since you have credit issues for a conventional loan , you would need a 203 K renovation loan. I suggest a very good Senior Loan officer is the place to begin, and let them know what kinds of issues the home currently has.
0 votes Thank Flag Link Fri Oct 18, 2013
Can you afford to take over his payments, taxes, and insurance, as well as make repairs and do the required maintenance, Pamela? If the answer is "No" it may not be do-able. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes Thank Flag Link Fri Oct 18, 2013
My apology, Michael. There is also a Union City, Ca. I should have paid better attention.
Flag Sat Oct 19, 2013
Do you have a license to practice real estate in California?
Flag Sat Oct 19, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer