My friend could not make monthly morggage payments for 3 months and the mortgagee(Bank) filed a complaint Nov.20,2007.

Propertyqube.com - Your PropertyLife, Your Connections.

Feedback

Home

Categories

	All Categories
	General Questions
	Rent vs. Buy
	Finances
	Market Conditions
	Which type of property is for me
	Landscaping
	Finding an agent
	Home Buying
	Home Selling
	Home Improvement
	Green Living

Subscribe to Conversations through Email!

Stay on top of recent questions and answers by subscribing to email alerts.

All Categories > General Questions

My friend could not make monthly morggage payments for 3 months and the mortgagee(Bank) filed a complaint Nov.20,2007.

HAHN JO
Renter
Flushing, NY

He suggests to me to purchase his house.

3 responses | Replies

Flag Question | Posted: Jan 30, 2008 at 12:26 PM | Login To Subscribe

Steve Belt
Real Estate Agent
Scottsdale, AZ

I believe in most states it takes 6 months of non-payment to have a property be eligible for foreclosure. Your biggest concern should be whether the seller will actually owe anything at closing, versus whether there is enough equity in the home so that he can close without needing to write a check to close.

Feb 6, 2008 at 12:17 PM | Flag

Flag Answer As...

Nina Chen
Real Estate Agent
State College, PA

Dear Hahn,

Feb 2, 2008 at 4:54 PM | Flag

Flag Answer As...

David McGraw
Home Owner
Jacksonville, FL

Right off the bat, I would say if your buying it, buy it for yoru self, not because your trying to help your friend avoid something, and he will pay you to pay for the monthly payment.

Jan 30, 2008 at 3:05 PM | Flag

Flag Answer As...