Legal Question in Real Estate Law in Florida
hi i would like to buy my girl friend condo of which i live with her in. i would like her to short sale it to me.i am trying to get a loan for 60,00 to 50,000. i bring home 1700.00 to 2000.00 with benefits included in my check .i owe 43,000.00 in credit card debt my credit score is about 650. i have a sister with good credit but no job , but she does receive unemployment and food stamps. she is willing to be my cosigner non occupant. what do i need to do to be approved or qualify for f h a loan for 55,000.00 to 60,000.00. i have no rent payment but i do have the 43,000 credit card debt . the county i live in gives a 10,000.00 bond towards down payment.what is the fastest way to get the loan or what do i need to do to get the loan. thanking you in advance, chuck .
1 Answer from Attorneys
Hello Chuck,
The bank that made the loan to your girlfriend is not going to "short sale" the property to you. You will not find a lender that will lend you $50K when you owe $43K in credit card debt. You will also not find a lender that will lend money to your unemployed sister. Your girlfriend would be smart to get the bank to agree to a short sale, to a ready, willing and able buyer (this is not you or your sister). She should have the property listed with a short sale Realtor specialist NOW. If she is on the verge of bankruptcy, then the bank MAY be willing to short sale the property. If your girlfriend has any money, a job, or assets, the lender would be happier to foreclose, and go after any assets that she may have now or in the future to satisfy the deficiency.
You would be smart to either declare bankruptcy, or get your debt paid off. Your sister would be smart to get a job. Once you all do what you need to do, then you can think about borrowing money to buy a condo.
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