Neither of the two banks have filed for foreclosure on us as of yet, and it looks like it would be awhile until they would, if they did. The reason we have thought to do this, is because we already owe my mother over $100,000.00. This way we could pay her back, as well as rent from her.
We are not trying to be fraudulent, we are just trying to get her paid. She will have a mortgage from a bank - and so if they reversed the sale, how would the bank that now has the mortgage be handled, as they would be a lien holder on the home. and by the time bankruptcy started, our kids would have spent much of the money on college. Also, one of the homes in in Missouri - can they go after deficiencies in Missouri?
We have proof that we owed money to our mom, from personal loans she gave us throughout the years. We have the paperwork, dates, etc. when she gave us loans. She would also be buying the home for close to the current appraised value, plus she said that she will be charging us rent. We pay no rent now, we will have to pay her rent, and so there is no gain in that for us.. other than paying off some debt.
The sale to her already went thru last week, and so the bank actually owns the home now. We hope this will not cause any trouble, as we just wanted to make sure she is paid. She is charging us 1500.00 a month in rent, starting this month. Guess, we just hope they will see that we did not do it for gain, but to pay a debt.
As for Missouri... so you said that they do not go after defiencies?? If this is the case, we may not have to worry, at that home is the most expensive... and will only have to worry about the Utah new home.. as we were told they go after defiencies. Are you sure about the Missouri defiency thing??
Thanks so much
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