I have a client whose son's home is in a family trust. They are going to short sell the property and the mother wants to purchase the property from her son. Can she purchase the property from her son's trust?
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I would say no as it is not an arms length transaction. However it depends on who owns the property if you have a private investor not a Fannie Freddie loan it may fly just disclose it from the very start. If you want easy access to all the major rule reference points you can go to www.HAFA.us the links for all versions of HAFA are there. I only add to the comments of others because I have seen it done if it is through the smaller servicers. But I would say the odds are 10%. Now that Bank of America is looking at principle forgiveness... ASK you may get a surprise. The Banks want cash flow..
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