All Forum Posts by: Ryan V.

Here is the exact scenario:

The property was previously owned by my wife, titled to: Her Name, a married woman, as her sole and seperate property.

She owed $275,000 on an interest only loan with a quickly approaching balloon payment for the full balance.

After numerous attempt to modify to a 30-year fixed and being denied because of the amount owed she had no choice but to let it go and now lives in my home, which I own, as a married man as my sole and seperate property.

A year later, the bank was has been unable to sell the home in a area flooded with REO's and it is now listed on the open market for $60,000.

Given my prior knowledge of the properties history and condition, I would like to purchase it as my sole and seperate property and turn it into a rental.

I just want to make sure I am not doing anything illegal or anything that would jeopordize my wife, my property or myself.

I am new to this site but found some good information and was hoping someone could help me with a specific scenario.

I am interested in purchasing a home that was previously owned by a family member but is now a bank owned property now on the market and listed for sale.

Are there any laws or restrictions in the State of California that would prevent me from doing so?

Does anyone have any experience in regards to a bank not approving a sale based on the name or a buyer and/or their relationship to the previous owner whom defaulted on the mortgage?

Thank you in advance for your input.