My question involves real estate located in the State of: RI
A family member has a rental property with a lien but is considering chapter 7 bankruptcy. As it is not her primary residence she will not be able to keep the house. She asked if I would be interested in buying the property. Her lawyer said it would be possible if "some money changed hands" but did not elaborate. Would this be a conveyance?
I have researched this but have only succeeded in confusing myself. lol Since I already have a home I would not be able to do an FHA, putting 20% down for a conventional mortgage wouldn't be prudent for me right now, and her loan is not assumable. I want to keep the house in the family (the tenant is my mother) but don't know if it's feasible. Any advice is appreciated. Thanks.


