We are 6 years post BK and did not reaffirm on our
We have equity in our home and do not want to lose that but I also realize that if they/we do not make the scheduled payments, the home can be foreclosed on. The family member will be giving us our equity in the contract agreement.
If you stop making the payments on that house, then the lender s
If you stop making the payments on that house, then the lender still has the rights to foreclose the property in order to recover his dues. However, if your family members keep on making the payments on that property, then I don't think you will face any issues in buying a new property.
You need to speak with an attorney who specializes in real estat
You need to speak with an attorney who specializes in real estate law...obviously you will need one to write your contract. Find one who understands your bankruptcy concerns.
Thanks to both. I was just wondering since we basically have no
Thanks to both. I was just wondering since we basically have no obligation on our existing mortgage, will the banks even give us a new mortgage, considering our credit factors of course.? I am just looking into this now but hoping to be moving within 6 months.
Unless you get rid of the property, you might face issues in get
Unless you get rid of the property, you might face issues in getting a new mortgage for a new property. The lenders may ask you to get rid of the property before they give you a loan.