[hsmomx3]

Oops..should read SHORT sales......

[IrishCatholic]

There is no restriction on your parents buying the house. The auction is an auction.
Have them buy it and then pay them rent-to-own. You and your family will be safe and you will have the dignity of paying back your family and the self respect in doing so.

Unlike some on this forum I understand that the real world is a hard place. I'm sorry you got in trouble and I hope it works out for you. Always know there are better days ahead.

[EVO X]

Assuming they bought the house or any house and gave it to you, they would have to pay gift tax on any amount over the gift tax limit. Your parents could give you $26K and your spouse $26K without paying the gift tax for 2011. I think they can give more tax free, but it counts against their lifetime inheritance exclusion.

[deks]

You can click on “Report Abuse” then ask the Moderator to fix the title for you.

[The Iceman Cometh]

I got out of real estate when the banks, specifically the loss mitigation departments, became downright awful to work with. They didn’t care, didn’t want to work with sellers, and often were illogical (wanting values higher than appraisals, etc).