Real Estate Blog – Foreclosure home owners beware of mortgage …
Here is a new Post at Real Estate Blog – Foreclosure home owners beware of mortgage ….
Foreclosure home owners beware of mortgage negotiation scams stating they can save your home even after a foreclosure trustee sale has occured!!!! As a Las Vegas REO agent, I see many homeowners that are still in there homes after a …
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Mortgage Negotiation?
Sounds like the sister-in-law wants to be done with the property.
I agree that it is a business deal, but one that is mucked up by having family involved.
Unless you've been living in a cave, you must have read about the housing prices declining almost nation wide (there are exceptions, but it's generally true). Because of this, you have to determine whether or not the price your sister-in-law wants is a fair price. Perhaps the best way to keep it neutral is to hire an appraiser to give you value. You'll pay a few hundred dollars to do this, but if keeps the peace in the family, it might be worth it.
Buying the house for $185,000 wouldn't be fair to your sister-in-law if the value was now $225,000 and it wouldn't be fair to you if the current value was $150,000.
I agree that past considerations should not affect this particular negotiation. Your s-i-l took out the adjustable mortgage that went up $500 per month, not you. As landlord, she is responsible for taxes. Don't let that stuff influence you.
It's always difficult to mix business and family.
good luck!
ps – is the $185,000 the original purchase price or the original mortgage amount? If it was the purchase price, then it might be fair. If the purchase price was $225,000 and they put $40,000 down, I would be basing the transaction on the original purchase price of $225,000.
FYI, here is a list of recently published Posts on same topic:-
The Truth Behind Foreclosures
Foreclosures Up 81% in 2008
Mortgage Negotiation 101
Your Own Second Source of Income
I though that might be of interest 
Here is a news article on related topic:-
Asset Protector Group LLC moves into the Mortgage Payment and …
The Asset Protector Group, LLC is proud to announce its expansion into the mortgage negotiation business. For the past five years The Asset Protector Group …
