Posted on: 21st Apr, 2013 06:44 pm
Hello everyone,
I have a slightly complicated issue and would like some assistance before I go any further.
My great-uncle died in January. He owned a house, but had a reverse-mortgage put on the house for $20,000. He died with no children.
My father wants to pay off the reverse mortgage and buy the house. He has a good job but does not have the entire $20,000. His credit sucks because of back child support on my younger brothers. He went to a lender and they said to resolve the child support issues and open a new credit card. He went to court and came to some resolution with their mother at the end of January and opened the card. Still, of course, his credit is not good enough to get a $20,000 loan. The strange thing is that the lender said he could buy a $50,000 house, but my dad really wants to save my uncle's house.
I am currently in a situation where I have good enough credit, but no job. I'm in the middle of leaving an abusive marriage and will be moving back in with my father by the end of the week. I hope to find work soon but have no stable work history for the past 3 years because of the abuse. If he were to get the house, I would most likely live in it at least until I get on my feet, maybe longer.
I was wondering if it would be a possible to try to get the house in both of our names, based upon my credit and my dad's work history. Would it even be a good idea? I don't doubt my father's ability to pay for the house note, since he has never been evicted. Of course, the main issue would be my marriage. Since I'm not divorced yet, my husband would have a claim in the house, right?
Please advise. :D
I have a slightly complicated issue and would like some assistance before I go any further.
My great-uncle died in January. He owned a house, but had a reverse-mortgage put on the house for $20,000. He died with no children.
My father wants to pay off the reverse mortgage and buy the house. He has a good job but does not have the entire $20,000. His credit sucks because of back child support on my younger brothers. He went to a lender and they said to resolve the child support issues and open a new credit card. He went to court and came to some resolution with their mother at the end of January and opened the card. Still, of course, his credit is not good enough to get a $20,000 loan. The strange thing is that the lender said he could buy a $50,000 house, but my dad really wants to save my uncle's house.
I am currently in a situation where I have good enough credit, but no job. I'm in the middle of leaving an abusive marriage and will be moving back in with my father by the end of the week. I hope to find work soon but have no stable work history for the past 3 years because of the abuse. If he were to get the house, I would most likely live in it at least until I get on my feet, maybe longer.
I was wondering if it would be a possible to try to get the house in both of our names, based upon my credit and my dad's work history. Would it even be a good idea? I don't doubt my father's ability to pay for the house note, since he has never been evicted. Of course, the main issue would be my marriage. Since I'm not divorced yet, my husband would have a claim in the house, right?
Please advise. :D
Hi sfranklin,
Well, both of you should speak to the lender about your situations and check out if he will let you co-sign for the loan. Things may be difficult for you as you don't have a job. Nevertheless, there is no harm in asking the lender.
Well, both of you should speak to the lender about your situations and check out if he will let you co-sign for the loan. Things may be difficult for you as you don't have a job. Nevertheless, there is no harm in asking the lender.