how do i buy the house i live in for only the mortgage remaining. i have declared bankruptcy.?

2:02 pm on December 20, 2009 | 5 Permalink | Reply
Tags: bankrupt (3,617), Credit (1,519), declare bankruptcy (87), job (472)

• 

  thylawyer 2:02 pm on December 20, 2009 Permalink | Reply
  

  The simplest way is to have a contract with your sister(s?) saying you agree to pay the balance of the mortgage (specify the balance due) by making each payment due on the mortgage, any taxes, water and sewer, and any other expenses related to the real estate, with the option of obtaining the title and financing in your own name after (specify a number of months, I suggest between 8 and 12).

  If there is a lot of equity in the house, that will be a gift to you and may be subject to a gift tax, but it will help you get financing. If your bankruptcy was more than year ago and you have had no bad credit marks against you, you may be able to get financing now, but it will be at high interest from a bottom-feeder mortgage outfit.

• 

  thefcnman 2:02 pm on December 20, 2009 Permalink | Reply
  

  how coud you declare bankrupty on something you dont have?it yur sis………..i dont know but i thought you could keep what you still paid for…i dont know though

• 

  PuterPrsn 2:02 pm on December 20, 2009 Permalink | Reply
  

  You can’t – no one will give you a mortgage if you declared bankruptcy. If you can’t pay cash, you can’t buy the house. Your only choice would be to have your sister sell it to you and carry the note herself.

• 

  SolMan 2:02 pm on December 20, 2009 Permalink | Reply
  

  contact a bankruptcy attorney

• 

  Randy 2:02 pm on December 20, 2009 Permalink | Reply
  

  You have provided only limited information. However, if your sister is not in financial trouble you might buy it from her on a land contract. She will still be responsible for the payment on the first mortgage, but in truth you would be making the payments by paying here. When you reach a point that you either have reestablished your credit position or have the amassed the funds, you can buy her out will in fact payoff the first mortgage.

  It is not likely that this would be considered an "arms-length" transaction but you will be recorded as the ultimate buyer and will help redefine your credit position with unmissed payments. One of the things not mentioned is the relationship between you and your sister, that is will she take the payments you make and apply them to the original mortgage. If there is any doubt you many want to set up the payments so that you make directly to a bank which acts in a fiduciary capacity and makes those payments for her. In any case, do it through an attorney (representing you) who understands such transactions in your area.

  If your sister needs the full amount now, you might approach your attorney to find someone who will buy her out and do a land contract with you. Again do it through an attorney representing you.

Reply Click here to cancel reply.

Name (required)

Email (required)

Web Site

 

• Should I file for bankruptcy? Do I really have another option? (4)
• College debt has ruined my life, and I'm mad at myself for leting it happen.? (10)
• Are You Considering Bankruptcy? Wait! (3)
• Bankruptcy as a Debt Management Solution: Why Do so Many of Us Have so Much Debt? (0)
• Bankruptcy: What To Expect If You File For Bankruptcy (0)
• What to do with an Adjustable Rate Mortgage? (9)
• I am looking at having to file bankruptcy due to credit card debt. Can anyone give me advice??? (6)
• Do you think this can explain the housing bubble in a way you will understand? (7)
• can college students file for bankruptcy? (3)
• Does the law protect people who file bankruptcy from discrimination by a perspective employer? (2)