SoccerSarah

I tried searching online for an answer to this question, but haven't found anything yet. My boyfriend has been unemployed for about the last 6 months, and has had problems paying his mortgage. I am currently renting, but will be out of my place at the end of July. He has already spoken to his mortgage company about beginning the short sale process, and they are sending the paperwork. He currently owes about $155,000 on his house, and in the current market, it could possibly sell for $80,000.
We have recently been working on buying a house in my name, but haven't quite found anything and aren't ready to get rid of his house yet. We are planning on getting married sometime within the next year or two.
Last night we were talking, and came up with an idea. Would it be possible for me to buy his house on a short sale? We are not legally tied to each other, so I'm thinking that there is no reason why this wouldn't work. It would probably cut the payment in half.
If you have an answer, please let me know. Thanks!
Yes, I do have the funds to qualify for the mortgage on my own. I would probably qualify for about $175 K with the new tighter restrictions, but I have to confirm this. I plan on getting pre-approved this week.
I understand that family would be a "conflict of interest".....but we're not related. Do you know for sure that they wouldn't allow this?
Oh, and yes, I definitely have the down payment.
Thanks so much for all of the answers! I have never used this before and plan on using it a lot in the future!