Phenix City, AL asked in Real Estate Law for Alabama

Q: Arms length transaction loophole?

I'm trying to buy my deceased fathers home through short sale. The bank is denying me due to arms length transaction. Is there a way around this? He passed is April and the home is in active foreclosure. Trying everything possible to keep the family home..

Thanks for any help

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1 Lawyer Answer

A: The short sale is the problem. If you offer to assume the entire mortgage debt, and bring the loan current, the fact that you and your late father's estate are not "at arms length", may not be such a problem.

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