Forum

My good friend's boyfriend has gone through some very tough times financially after his divorce and was also facing a loss in business as a general contractor since the economy took a hit. He applied for a modification with B of A and was denied, however, they did put him on a trial pay period which made his payment affordable (although they were not clear with him that he would have to repay the difference). After the trail period was up, he applied and was granted 20K in state assistance which he has to repay in 5 years unless he goes through foreclosure or a shortsale. The state assistance has ended and he is now facing foreclosure. Would it be possible for his girlfriend to purchase the house from him as a shortsale or would that breach an arms length transaction? Thanks everyone for your help!