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Richard, Attorney
Category: Business Law
Satisfied Customers: 55716
Experience:  32 years of experience practicing law and a businessman.
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My friend is trying to buy a house through a short sale. The

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My friend is trying to buy a house through a short sale. The bank has told him that one of the signers for the house must remove an auto from their ownership so they can show they have enough income to make the payments. This just came up and they will lose the house in a week if they cannot get the short sale through. The auto is worth about $8000. but they owe $22,000. for it. Is there any way to get the auto removed from the buyers ownership without coming up with $22,000? The only two people who have a good credit score are the two who are trying to save the house through a short sale, so there is no one with enough credit to refinace the car. Are there any possibilities here I am missing? This is in the Los Angeles, Ca.

Good evening. Someone is going to have to convince a friend or relative to come to the rescue. An unrelated party, as you can imagine, is not going to have any incentive to provide financing of $22,000 for a car worth $8,000. So, the only viable possibilities are friends and relatives. I would suggest trying to sweeten the deal by also pledging some other personal assets that you have that a friend or relative would consider enough incentive to help out. Otherwise, as much as I hate to say it, it's going to be pretty much impossible. I'm sorry!



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