Legal Question in Real Estate Law in Illinois

seller financing while trying to do a short sale
My husband and I have pretty good credit, however my husband lost his job in January and although he was lucky enough to find new employment, this job requires us to live within 30 miles of the company and our home is about 65 miles away. The only way we could sell our home is if our lender would accept a short sale, we're probably about $30,000 upside down including commisions, taxes, attorney's fee etc. Now I found a home within 30 miles from my husband's new job, and the owner is willing to seller finance, transfer title and record everything, would this type of transaction be fraud, and could my current mortgage company go after/ put a lein against the seller financed property for the difference? We have considered trying to rent our current home out but the comparable rentals in the neighborhood are considerably lower than our mortgage payment and I don't think we can carry the difference. Any advice would be greatly appreciated, and thanks in advance for your time and consideration.

Asked on 5/10/09, 9:39 pm

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Re: seller financing while trying to do a short sale

Hire an attorney to negotiate both for you. Your situation is too complex for this forum. Good luck.

Answered on 5/10/09, 9:49 pm

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