Posted on: 22nd Feb, 2010 08:23 am
we are filing a chaper 7 and have had our meeting w the lawyers and creditors but they are making us pay some for the life estate I own for my parents house they are alive and want to keep there house and i want to get a loan and pay the court using there house as colateral is that possiable? looking for apx 20,000 on a property that has a market value of 38,000
Hi jhurd,
As you've filed bankruptcy, you won't be able to qualify for mortgage now in order to pay off the bankruptcy ruling. Moreover, you only have life estate interest in the property. You would not be considered as an owner of the property. Thus, I don't think you would have qualified for a loan under normal circumstances.
Thanks
As you've filed bankruptcy, you won't be able to qualify for mortgage now in order to pay off the bankruptcy ruling. Moreover, you only have life estate interest in the property. You would not be considered as an owner of the property. Thus, I don't think you would have qualified for a loan under normal circumstances.
Thanks