the home i live in is in my sisters name. i have had to declare bankruptcy. how can i purchase the house for only what is left on the mortgage with my credit status? i now have a fairly decent paying job.
2006-06-18 11:06:54 · 5 answers · asked by T B 1 in Business & Finance ➔ Personal Finance
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.
2006-06-18 11:13:18 · answer #1 · answered by Randy 7 · 0⤊ 0⤋
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.
2006-06-18 18:20:38 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
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.
2006-06-18 18:10:36 · answer #3 · answered by PuterPrsn 6 · 0⤊ 1⤋
contact a bankruptcy attorney
2006-06-18 18:10:13 · answer #4 · answered by SolMan 5 · 0⤊ 0⤋
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
2006-06-18 18:10:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋