My home is in foreclosure/sale status. Can my 2nd mortg. buy in short sale, and sell back to me?

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My home is in foreclosure/sale status. Can my 2nd mortg. buy in short sale, and sell back to me?

I owe 1st 134000, 2nd 34000, the 2nd wants to buy the first in short sale, and then be the 1st mortgee back to me. Can this be done?

Asked on May 21, 2009 under Real Estate Law, Arizona

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I'm not an Arizona attorney, but it doesn't sound impossible.  However, I would not even think about getting into this without having an attorney's advice, both to make sure that the transaction is legal, and that you aren't being taken advantage of.

Sound legal advice has to be based on all the facts.  One place to find the lawyer you need, to work through the situation in the way that's in your best interest, is our website, http://attorneypages.com


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