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Mortgage and Bankcruptcy?
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bluekat16
My boys :-)
Member since 3/09 6659 total posts
Name:
Kathy
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Mortgage and Bankcruptcy?
DH and I would like to sell his childhood home to my SIL. She however went bankrupt last year. Her debt-to-income ratio is really good and she makes a very good salary. Can she qualify for a mortgage with the bankruptcy on her record?
She wouldn't be putting a dowpayment on the house but we'd be selling it to her for the value of the existing mortgage which is 40% off the estimated value of the property.
TIA 
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Posted 2/18/10 6:20 PM  |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Mortgage and Bankcruptcy?
Since the BK was only last year, I highly doubt anyone will give her a mortgage. I think she'll have to wait a few years for that...
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| Posted 2/18/10 10:40 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Mortgage and Bankcruptcy?
I'm pretty sure you have to be 3 yrs out of BK
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| Posted 2/19/10 10:41 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Mortgage and Bankcruptcy?
I think the best thing for her to do is to call up a bank and ask.
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| Posted 2/19/10 11:44 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage and Bankcruptcy?
She is only going to be able to get an fha loan...not sure if it's 2 or 3 years after the bk
She will also need perfect credit since the bk...
If you go to the fha website you will be able to get the info
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| Posted 2/19/10 2:10 PM |
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bluekat16
My boys :-)
Member since 3/09 6659 total posts
Name:
Kathy
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Re: Mortgage and Bankcruptcy?
Thank you ladies!
I had found some articles but they were from the height of the boom so I didn't think the info would be accurate at this point.
I am going to have her ask the bank and have DH go with her. I'll check out the FHA site also.
Thanks!
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| Posted 2/19/10 3:50 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Mortgage and Bankcruptcy?
What about just drawing up some documents that has her making the payments to you guys directly? Just long enough until she does qualify for a traditional mortgage?
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| Posted 2/19/10 4:06 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Mortgage and Bankcruptcy?
Posted by Karen
What about just drawing up some documents that has her making the payments to you guys directly? Just long enough until she does qualify for a traditional mortgage?
This is what I was going to say. Do a Purchase Money Mortgage
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| Posted 2/20/10 8:40 AM |
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