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is there any law that states a bank cant short sale a property to a family member?
By admin | November 23, 2009
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A friend’s home is in jeopardy of foreclosure and he is trying to divorce his wife who lives in the home. Their daughter wants to buy the home through small sale but Bank of America told her it cant be small sale to a family member. Is that just a company policy or a law and is there a way around it?
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Topics: Legal | 1 Comment »
One Response to “is there any law that states a bank cant short sale a property to a family member?”
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November 23rd, 2009 at 4:55 am
It’s called, "Excellent Business Practices." The bank is trying not to be taken advantage of by a scheming family (my words, not theirs).
There is no law as far as I know; and no way around it as long as the bank knows that a family member wants to buy the home.