Legal Question in Real Estate Law in Illinois
I bought my home in 2004. I married in 2007. My husband is not on the mortgage. My husband still lives and works in Michigan. He does not own a home anywhere. I filed bankruptsy in 2010 and can not quality for refinancing to a lower interest rate. My question is...Can I legally sell/short sale my home to my husband?
2 Answers from Attorneys
Typically, no. Most lenders require short sales to be arms length transactions between parties who are not related or otherwise connected (i.e. a friend helping you out is not acceptable either).
Legally, yes. Will a lender accept a short sale to your husband, maybe, but not likely for the reasons set forth by Mr. Amdani. However, I imagine it is possible if you have tried selling at market rate without success and the lender agrees.
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