Here's our story:
We stopped mortgage payments in October 2010. Applied for the loan mod through BOA in December. Seemed to be declined because we're both unemployed and our income ratio is too high to qualify. We haven't received notice that we're declined, we just kind of know it.
We would like to short sale our old house in the fall of 2011 and have my husband's parents buy our new house with cash before the short sale process. DH would have a POA for his parents and I would execute the transaction (I'm a licensed real estate agent in the state of Florida for 6 months now).
After a couple of years, we would like to know if his parents can sell us the new house back to us as a gift transaction. Is our plan legal and right?
Let me know if you need any other info to help give advice.