Posted on: 09th Jun, 2011 11:32 pm
Hello, please help me. Due to severe monetary hardship, I and my family was forced to file bankruptcy around 5 years back. At that time, we did not reaffirm our mortgage payment. We are staying in that home and are paying the mortgage payments on time. Now that so many years have passed, we want to sell our property and a family member has volunteered to buy it. Can we be able to buy another home and just let the family member make the payments on that home? If the family member does not pay the mortgage on time, will the property be foreclosed by the lender?
Hi Hermione,
You will be able to buy a home if you have a good credit score and income and if your bankruptcy filing has been discharged. However, if the family member stops paying the mortgage payments, then the lender will foreclose the property. However he won't be able to come after you for any deficient balance. I will suggest you to contact a real estate attorney and he will guide you as to whether or not you should sell off the property.
Thanks
You will be able to buy a home if you have a good credit score and income and if your bankruptcy filing has been discharged. However, if the family member stops paying the mortgage payments, then the lender will foreclose the property. However he won't be able to come after you for any deficient balance. I will suggest you to contact a real estate attorney and he will guide you as to whether or not you should sell off the property.
Thanks