Can a friend who buys then sells my short sale home to my sister, who would rent it to me.?? Would this be legal?

Asked by Dkmanzer, 07463 Tue Oct 19, 2010

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5
Sean M Farley, Agent, Ramsey, NJ
Tue Oct 19, 2010
Best to start clean and clear of this property, and rent from someone not in anyway related to this transaction when all is said and done. Work arounds tend to leave trails and trails lead to trouble
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Oct 19, 2010
Since your question is a legal one, it's best to protect yourself and consult with an attorney who specializes in real estate--he/she can best advise as it relates to your situation.
1 vote
Kevin Olson,…, Agent, Colorado Springs, CO
Tue Oct 19, 2010
Hello,

You're treading in the waters where people are drowing in lawsuits. No matter how creative you make it, the bank will find out if you sell short sale and in any way benefit from it. They employ people to specifically investigate things like this, and it's not too hard to figure it all out. There are people who pulled this kind of thing 2 years ago that have recently been caught, so they apparently check back longer than most people would think.

Be careful, and if you want to find a legal way to fool the bank I suggest getting a really good attorney, one that is willing to go to jail with you if things "don't work out".
1 vote
Jeremy Drobe…, Mortgage Broker Or Lender, Kalamazoo, MI
Wed Oct 20, 2010
Just the fact that you have to ask that question, should tell you something. Why not just stay in your home? Or Just find a different home or better yet a place to rent until you can qualify to buy one yourself. . .

You defiantly shouldn't do what you are suggesting above.
0 votes
Maria FORSBE…, Agent, FORT LEE, NJ
Wed Oct 20, 2010
No in my opinion this is not legal but please consult with an attorney only they can give legal advise!
0 votes
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