Apr
5
We are buying a house from a friend and just found out it is going into foreclosure?
Filed Under Renting Real Estate | 13 Comments
Martha S asked:
A friend of ours decided his house was to much for him since he was divorcing his wife so my husband and I moved into the house and told him as soon as the divorce was final we would buy it. We gave him the money each month for the mortgage payment and when his divorce went final we started the paperwork at the bank to get the loan for the house which we are about two weeks away from closing on due to a problem with the title search that had to get straightened out. We just found out today that he hasn’t been paying the house payment at all and if his mortgage company doesn’t have the last 3 payments by monday they are foreclosing on him. We live here not him and we are so close to closing anyone know how this will affect us getting the house. We really don’t want to move or loose the property it is perfect for us and our family but since he just dropped this on us we are scared we are going to be thrown out on the street.
We have not only paid the payments to him but also gave him $10,000 down which we have in writing with his signature, he doesn’t have any money and is filing bankruptcy so if we loose the house we have lost our home and 10k
We are buying the house for 125k and he owes 89562 on it. After paying for appraisals, title search, insurance among house payment and utilities and giving him the down payment we can’t come up with 2300 to catch up the payments he didn’t pay.
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A friend of ours decided his house was to much for him since he was divorcing his wife so my husband and I moved into the house and told him as soon as the divorce was final we would buy it. We gave him the money each month for the mortgage payment and when his divorce went final we started the paperwork at the bank to get the loan for the house which we are about two weeks away from closing on due to a problem with the title search that had to get straightened out. We just found out today that he hasn’t been paying the house payment at all and if his mortgage company doesn’t have the last 3 payments by monday they are foreclosing on him. We live here not him and we are so close to closing anyone know how this will affect us getting the house. We really don’t want to move or loose the property it is perfect for us and our family but since he just dropped this on us we are scared we are going to be thrown out on the street.
We have not only paid the payments to him but also gave him $10,000 down which we have in writing with his signature, he doesn’t have any money and is filing bankruptcy so if we loose the house we have lost our home and 10k
We are buying the house for 125k and he owes 89562 on it. After paying for appraisals, title search, insurance among house payment and utilities and giving him the down payment we can’t come up with 2300 to catch up the payments he didn’t pay.
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