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Can I buy my son's foreclosure
If my son's home is in pre-foreclosure in Florida, can I make a cash offer to the bank to buy it for a drastically-reduced price, with the intention of selling it back to him privately, or even rent-to-own it back to him? I've heard it may be unlawful for him to reside there after the foreclosure and sale, does anyone know if this is true? It seems it may be an easy way to eliminate over 100K from his current mortgage for the same house. Is this against the law?
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You can make an offer, its not illegal. What you may or may not do after purchase is up to you, the bank could care less. Banks sometimes go with a short sale or an auction. If the house does go into foreclosure the bank will need to evict him |
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Thank you for the answer. I was worried about "arm's length" laws, seeing that I'm related to the person in default. Just don't want to be accused of defrauding a bank, I can see how the bank might view this as a scheme to reduce the principle owed on this house. I don't want to break any laws! Thank you!
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Hello m: You're not screwing anybody. You didn't arrange for market to drop. You didn't collude with your son to beat the bank. You make the offer to the bank, and they'll take it or not. They don't care who you are or what you're going to do with the house once they sell it you, if they do. excon |
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