I have a loan thru Countrywide/BOA. My mortgage balance is aprox 550k. My monthly payments about 4100 per month. I am a real estate broker and income is way down.My annual income is currently aprox 25k which I can document thru tax returns. I celarly can not come close to affording this house. The good news is that I have a family member who is willing to purchase this house cash.. A recent short sale comp came in at 450k right behind our house and very simmilar to ours.. We would disclose up front he is a relative, we are not trying to cover anything up at all. He would also state that he would not sell the house for at least 7-10 yrs. He want us to have a home .I can not get past step 1 when I state buyer is family member. Any ideas who I can talk to at BOA,, Thanks So Much!!

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So I want to understand more how an LLC can protect me. So if I put the house's title in an LLC and I am the only member of the LLC, can my wif buy the house from me since she is not a member of the LLC?

Diana Rosero said:
Hi Daniel, just so you know... what you advised is highly, highly illegal and can cause realtors to lose their license or even worse, end up in jail. If you have an affidavit saying the seller can in no way benefit from the sale of this transaction to include repurchasing the property, renting the property or having someone relative either by blood or by a common interest or understanding, you might want to make sure you consult with your real estate attorney before signing it and then doing the exact opposite. Just my opinion!

Daniel Wolkoff said:
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!
It is hard enough to deal with BOA when you have their stated policies on your side. Why would you want to try to get them to approve an exception to an outright policy prohibition. You would be better off having this generous person help you live in a "nice place" somewhere else. List your house with another agent for that short sale and get on with your life in a new "nice place".

If you don't see another place as equivalent....(except for the obvious inconvenience of moving) ....then you might begin to see why the lenders have a hard time with this general concept.

BTW: Hopefully, this generous person understands that his true lost opportunity cost on a half million dollar cash investment will never be matched by appreciation in the value of the house over that 7-10 year period. ( Or, very likely, over 20 years for that matter.)
I need some advice. As you can see from my original posting last year I have family member who was willing to purchase my property so I could continue to live in the house. After many months a negotiator at BOA approved the deal. In no way did we cover up the fact that a family member was the one purchasing the house as a matter of fact this family member has the same last name as me and we tried to cover nothing up. We thought it was a done deal and we were just waiting on the investor to approve the deal. Well when the investor realized which we confirmed that the purchaser was a family member, the investor countered at a offer 60,000 above what the negotiator agreed to. We felt this was ridiculous as we felt we had a offer at fair market appraised value, all cash no contingencies no loan and we could settle tomorrow. If the investor had to foreclose on us they would net probably 60-75k less and it might take many months for them to sell to someone else. This was a clearly an excellent offer for the investor.
Through my attorney who is working for me she told the negotiator that counter of the investor was not acceptable and that if the investor came back with a more reasonable offer the purchaser might consider it. Well the negotiator closed the file in about 2 hours and we received a email from BOA saying our offer had been refused due to to low of a price. That shocked us but we still wanted to make the deal work. My lawyer then told the negotiator we would be willing to consider making a new counter if the investor would consider this. The negotiator told her if it was much closer to his 60k counter he would reopen the file and send it back to the investor. We came up with a higher counter and my attorney resubmitted directly to the negotiator. Keep in mind that the Equator file had already been closed but the negotiator said he would try to resubmit directly to investor.
Well after 2 weeks the first negotiator said that the file was closed and he was no longer working on the case. That hurt because we were so close and had gone through so much of the process so my attorney had no choice but to start as new file in Equator. She started a new file about a week ago in Equator and today we received word that the file was closed due to a non arms length transaction.
How can I get around this negotiator to a supervisor to explain that the investor is willing to accept a non arms length transaction ,or how can we go to the investor directly or somehow escalate it to someone at BOA who can help.???? I
Any advice or ideas would be greatly appreciated Thanks! Larry Lessin



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