Thanks so much for the reply. Sorry my last name is Lessin I will try to add to my profile.My relative wants me to live there and he will probally not charge me any rent. He is doing this just to help us out as he wants to make sure we have a nice play to live. He will not sell for at least 7 years probally longer and we will put in writing whatever BOA needs. We are not trying to profit from this situation and basically if they will not sell it to relative we can not afford payments and we would be forced to move out and probally have to do a short sale to someone else. It would benifit BOA and there investor most if they could deal with relative purchasing directly I just cant get past step one with BOA when they hear family member is buyer.Thanks!!!
You can have them create a Trust or LLC and purchase it though the entity. You can even have a truste or LLC Manager that is not related and that should be fine!
Jeff- with income of 25K a year there is not way that Larry is going to be approved for a loan mod.
Larry- We do get non arms lengths approved but the situation has to be very dire and very convincing.
I will post on my blog next week the one we just got approved. I won't tell the story until after it closes.
But being that you are a realtor they are going to be very resistant to a non arms length in your particular situation. Also, your story is not convincing enough to the lender as the only hardship you have is financial. Lenders don't like the homeowner to benefit. You can try because most all of it is going to depend on who owns the note.