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my3apsons

Applying for Mortgage Past Bankruptcy and More

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We have lived in the home we are in now for the past 11 years. It belongs to my parents, who are now divorced and we've been paying the mortgage for the past 11 years.

 

1)DH claimed bankruptcy 2 1/2 years ago

2)His credit care are in the high 600's

3)Income $58000

4)Have some savings but not much

 

Here is where I'm confused and don't know next steps. The house is worth $150000, $58000 is owned on current mortgage. Father is willing to cover down payment and all closing costs. We just found out there are two Liens on the title from judgments $16,000 worth. We need to get this house out of my mothers name. The home also needs about $15,000 in repairs. Needs new windows, a new upstairs bathroom) Everything else is good.

 

What are our next steps

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We have lived in the home we are in now for the past 11 years. It belongs to my parents, who are now divorced and we've been paying the mortgage for the past 11 years.

 

1)DH claimed bankruptcy 2 1/2 years ago

2)His credit care are in the high 600's

3)Income $58000

4)Have some savings but not much

 

Here is where I'm confused and don't know next steps. The house is worth $150000, $58000 is owned on current mortgage. Father is willing to cover down payment and all closing costs. We just found out there are two Liens on the title from judgments $16,000 worth. We need to get this house out of my mothers name. The home also needs about $15,000 in repairs. Needs new windows, a new upstairs bathroom) Everything else is good.

 

What are our next steps

 

You will need to do a purchase - Your father can gift equity to you for the down payment and he can also give up to 6% credit for closing costs - The only way you could get cash out would be to set the sales price higher and it go to your father - then he could give it to you - otherwise you cannot get cash on a purchase.

 

B

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