SS between family members...ok?

Anyone complete a short sale with Indy/OneWest between family members? Borrower sells to Aunt and Uncle? When I called the phone center they said "no problem", but on the website they say can't be done. Any chance of negotiating? Borrower is willing to pay the Indy/One contribution request. Please advise...thanks, EK

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Replies to This Discussion

Permalink Reply by Jeff Payne on November 18, 2010 at 10:03am
Probably not the best idea to get involved in this. FRAUD is on the forefront of short sale talks right now and this is not an arms length transaction. the last thing you want to do is get caught in the middle of a fraud investigation and risk your livelyhood
Permalink Reply by Maya Thomas on November 18, 2010 at 10:04am
It needs to be an arms length transaction so it can not be done with family members.
Permalink Reply by Stephanie Hart CA 310-930-2342 on November 18, 2010 at 11:27am
OWB will request a notarized arms length before they will even submit to investor. I have a copy of one I can upload for you to view.
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Permalink Reply by Smitty on November 18, 2010 at 11:34am
Indy Mac makes you sign a purchaser eligibility cert stating the transaction is arms length. I agree with Jeff if you sign that and try to go around things, it could come back to bite you legally.

That said you could TRY to disclose from the get go to Indy Mac that the buyers and sellers are related by issuing some sort of disclosure in the purchase contract. The only thing they will do if they don't like it at that point is say NO to the sale.

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