we currenty live on my uncles property in one of the buildings for 2 yrs & have been paying the taxes & mortage( still all in his name) the actual house has been fallen in for quite sometime. he still has a mortage on the 16 acres house& buildings.but has not told the mortage company about the house.he had let house insurance lapse when the house fell in. we would like to try to legally purchase or have him hold mortage, or land contract.but we are worried when we go to do it that we cant build or put even a mobile home on property. will he get in trouble when we go to even see about it? advice please!
Big question isn't whether you CAN buy this property, as you can buy anything regardless of condition, but you certainly won't be getting a mortgage on it, and it's possible (given the condition) that the property is worth far less than he owes on it. You can't buy the property (cash or not) without your uncle paying off the existing mortgage. He could, in theory, do a short sale if the current lender agrees to reduce his payoff amount, but short sales between related parties are highly unlikely as there's too much potential for fraud. Not sure I'd be too excited, given what you've described here.