All Forum Posts by: Kathy Collins

I have a friend who is going to buy my home, so the mortgage is in his name. I will pay the mortgage payment, insurance and taxes. My objective is to buy the house back in 5-7yrs. My question is this; What is the best way to write this up. It's not really a land contract or a lease/option. The price will be whatever is owed at the time. It's Joe Schmo doing me a favor and deeding it back to me or selling it back to me at the end of the day. How do I protect both parties to ensure that this goes accordingly?

thank you

What bankruptcy judge/trustee? Are you suggesting filing bankruptcy... (it's 3 yrs of transfer history btw where bankruptcy is concerned) and the chewing out came with the onset of "do the right thing" and the extremely judgmental comments made on this site. The land is not on the mortgage. Does that make the owner the bad guy? Leave ethics and emotion out of it. The land isn't there. Does she or doesn't she own it?

Surviving is the right thing. No one else is going to help any of us survive... We're on our own.

As far as paying more than could be afforded... Things have changed out here... While employed, things could be afforded.. How wonderful for us to have the rug pulled out from underneath... Now what? It's us against them, isn't it... ? The heck with no sympathy.. Nobody was asking for that... Just for the question to be answered...

I'm sure all feel bad enough of the situation they find themselves in and many factors contributed. Notifying the lender of all these assets would simply result in 'thanks for the info, now you have less than before you started this process.' Who survived?

...and borne by the bank... Not the intent. But... They're not going to get any more from it after spending thousands to recoupe what isn't there to recoupe... Why not settle? At least they get something, which is better than nothing and why not the homeowner who wants to stay if they could, if they would.

Thanks for the chewing out... The vacant lot has been free and clear since 2004. The foreclosure would only apply to what was mortgaged.. Correct? If the house holds the mortgage, why would the land be in jeopardy, if that is the case

A friend of mine owns a home that is going into foreclosure. It would appear that when the last appraisal was done, a vacant parcel that she also owns was taken into consideration to reach the appraised value. This was 3 years ago and to date, there is no record of a lien on the vacant lot. Prior to the default of the mortgage payments, she has transferred the property out of her name and awaits the foreclosure process to take its natural course. Does she own this vacant land free and clear or is this wishful thinking... Again, there is no mention in either legal description or tax id of this lot being part of...

thank you