Has anyone dealt with a buyer who is losing their home to short sale or foreclosure and is able to buy a seller-financed mobile home? Will they get?

Asked by Bonnie Scribner, Fullerton, CA Thu Jan 14, 2010

the $6500 for living in current home >7 years? Or does Foreclosure/SS make them ineligible? Unfortunately they can't keep payments on current home as loan mod with BofA failed. No other choice,but a great chance for them to get into something that works for their family. They don't want to pay for an attorney (can't, really). What do you think? I've just never run across this before and can't find specfic info on internet.

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3
Joanna Jensen, Other Pro, Livermore, CA
Thu Jan 14, 2010
Hi Bonnie,
I specialize in Loan Mods, Short Sales and Debt Settlement, I thought it went well with our current R/E market!!!!
I would imagine your clients would be happy to be in a new home. I would make sure with the seller financial that the new buyers have the right to call the lender and make sure the loan is current!!!! Is the home paid in full, seller financing or a wrap loan?

I have an awesome CPA I work with here in Northern Cal, she knows all about the insolvancy issuue and how to help your buyers with their taxes after their loss and Real Estate professional status that a lot of CPA's dont know about.

I am happy for your clients, seems that you did a fantastic job!!!
JoAnna Jensen
Realtor - Legal Assistant

Emily Bologna Livermore, CA CPA
Web Reference:  http://www.joannajensen.info
0 votes
Harold Sharpe, Agent, Menifee, CA
Thu Jan 14, 2010
Hi Bonnie,
I believe unless it is a HARD MONEY loan as opposed to a bank loan I believe it will not happen. In addition the 6500 they may be not eligible for. You cannot short sell a home and buy a home and collect rebate money.

Harold Sharpe
So Cal Homes Realty
http://www.southern-california-home.com/whatisashortsale.html
0 votes
Aaron Zapata, Agent, Placentia, CA
Thu Jan 14, 2010
I've never run across that either and I don't know about the Tax credit on that specific situation with the failed loan mod and foreclosure. You should check with your CPA and see what he says. When you find out, I'd love to know. I'm glad to hear that the seller is going to finance them on the mobile home. Good for them!
Web Reference:  http://www.aaronzapata.com
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