Help - My father wants to help friend losing their condo (incentive, foreclosed) - - Page 2 - City-Data Forum

Samoi137 · 04-22-2012, 12:17 PM

Of course, no one posting suggestions knows the full details of the sitaution and certainly don't know the people involved. Have the friends contacted an organization such as Legal Aid to see if they can find a low-cost attorney? Does the state bar association have a referral service? Many lawyers speak Spanish. There are also non-profit organizations to advise people with financial problems. The agent may not be unethical, dishonest or dumb, but you don't look to to a realtor for completely objective advice. Certainly not legal advice unless they have qualifications to do that. They can be knowledgeable, but they are in the business of buying and selling. I think the friends need a lawyer. Your father, of course, wants to guard against ruining his credit, as well as losing finances.

Zyngawf · 04-22-2012, 02:39 PM

Quote:

Originally Posted by Samoi137

Of course, no one posting suggestions knows the full details of the sitaution and certainly don't know the people involved. Have the friends contacted an organization such as Legal Aid to see if they can find a low-cost attorney? Does the state bar association have a referral service? Many lawyers speak Spanish. There are also non-profit organizations to advise people with financial problems. The agent may not be unethical, dishonest or dumb, but you don't look to to a realtor for completely objective advice. Certainly not legal advice unless they have qualifications to do that. They can be knowledgeable, but they are in the business of buying and selling. I think the friends need a lawyer. Your father, of course, wants to guard against ruining his credit, as well as losing finances.

Your post sounds like you read a completely different OP than the rest of us. Did you mean to post here?

imsh0t · 04-22-2012, 02:45 PM

let them rent and have ur father give em 1st months rent free. after that no more. these people have no business owning a home. 1 yr no payment?????

jackmichigan · 04-27-2012, 01:53 PM

I agree that these people should not be owning a home--they should be renting. And if you father gave them a house, HE may be liable to the IRS for gift taxes...and then they'd probably lose the house, to boot. Definitely, he needs to see lawyer who can hopefully talk some sense into him. Your father does not need to serve as a social welfare organization--there are groups out there for that, even the government.

rjrcm · 04-27-2012, 02:40 PM

Quote:

Originally Posted by Samoi137

... Many lawyers speak Spanish. ...

Isn't it interesting that just because the OP said they were immigrants, that others assume they are of Spanish descent

? As was said, they are from Yugoslavia (although I'm sure some Yugoslavians also speak Spanish).

I tend to agree that your father should stay out of it. At the very least be sure that an attorney is involved in structuring whatever financial assistance may be offered.

sll3454 · 04-28-2012, 04:17 PM

The couple should move in with their son. That would keep him from losing his home, too.

Your father should not buy them a home or help them buy a home.

sfcambridge · 04-29-2012, 07:16 PM

Quote:

Originally Posted by sll3454

The couple should move in with their son. That would keep him from losing his home, too.

Your father should not buy them a home or help them buy a home.

This was my initial thought.

Though the son is getting married in one month and their one bedroom condo would be rough with both parents moving in.

My next thought was they should rent. Apparently going through a short sale is only a black mark on your credit for 2 years? Since housing values will still probably be low in 2 years, my father could help them with a downpayment then on a place that is more affordable to them.

But nothing is making much progress because my father is so overwhelmed with the idea of this that I can't even get him to speak with a lawyer. Ugh. It also turns out that they do not have ANY paperwork from the bank yet that clearly states the bank will not be coming after them in the future. So nothing will happen until these documents are produced, and the short sale is complete.

We saw the condo that they want to buy. It actually is in great shape (95yo woman was living there for 30 years), and I must admit it is on the surface a good deal for 40k offer. The downside of course is that a huge number of condos in the complex are having financial difficulties so I suspect the assessments will skyrocket in the future as the condo association appears to be a mess. Our friends are so unsophisticated that they have never been to one of their board meetings (their English is too poor) and certainly don't understand what "reserves" are. No reserves here....

buzzkillb · 05-01-2012, 05:25 PM

If they aren't paying their current mortgage, why would they want to buy and take on another mortgage?

Oleg Bach · 05-01-2012, 05:34 PM

Sounds like your dad has a good relationship with these people- That they have become family. BUT it also sounds like these folks want things that they can not afford...If your dad has a stock pile of money...and it will not break him...let the guy do what he wants..If there is a possibility that such an action could toss him into poverty...forget it- also- When your dad dies...the little inheritance might just get soaked up by people who are like family but not real family- family first- friends second.

breeinmo. · 05-07-2012, 05:38 PM

I hope OP that your still around, and that your dad hasnt bought this place for his friends. Your thread is really bothering me. I cant get over the fact that dad doesnt need this stress. I dont care how nice and naive these folks are, they are placing a huge burden on this very nice man. He is NOT their keeper!

Please, please do all you can to protect him. Point out to him how these folks should have a few bucks saved, since no payments for a year. As others have pointed out, why do these friends think they deserve to buy a home? Why isnt renting good enough for them? They may be nice, but my spidey sense is telling me they are using your dad for all he's worth.

Dads health and well being is WAY more important than them owning a home. If they were good friends they'd realize this. Can you ask them not to bother your dad with their problems, as your concerned for his LIFE?!! Anyone with a lick of feelings and empathy, would never do this to a sick elderly man, never!

If I had to, I'd play a little dirty, and tell my dad that if he keeps giving these folks money and maybe even losing money on a bad house deal, that he'd be hurting his own family and himself. What if he has a huge health emergency that costs a fortune? What if he needs the money for a retirement home? Then I'd say he'd be taking yours and any sibs inheiritence away. Thats the part I'd hate to say, but I would if it'd protect him and his assets.

Keep us updated please. This is gonna bug me to death. I saw a 80 yr old man lose everything to a horrible user, so this hits close to home. Good luck.