My brother inherited a property from my grandfather, but it has a 210k reverse mortgage lien against it. It has a value of 360K. My brother has expressed interest in keeping the property, but he has credit issues, so I said I would have no problem taking out a mortgage (this is a multi-unit property which I could use as a primary residence due to its proximity to NYC). This property is located in New Jersey, right across the Hudson River with a NYC view.
Here are my questions:
If I'm brought onto the title/deed, will the 90-day FHA seasoning rule still apply? I'm three years out from a Chapter 7 (co-signed for a friend and I was screwed), but my credit score is back up to a 720. The broker I spoke to said he can get us a 5 year FHA ARM, and I could refi in a year with my brother.
What are our options? Most houses in this area will not sell in 6 months. My friend is a real estate agent and he said most inventory in the area, depending on the condition of the property, takes 10-16 months to sell. At this point, my personal interests aside, it's a dice roll for my brother to sell. He has up to 12 months to sell the property with all of the HUD extensions and 3 months has already elapsed.
Anybody? It's been two days and I can't get a straight answer from any mortgage brokers.
Hello @John Pezzolla . Perhaps for you to get a response from other members here at BP you should have taken the first step of introducing yourself to the group and also participating in helping other people out with their situation. Just joining and expecting people to help you is not the best way to get a response. Just an FYI!
This thread sounds familiar, and I thought I responded a week ago. There is no seasoning issue, and if there is it simply requires 2 appraisals. The issue is you qualifying for a mtg with the Chapter 7. That should be the only issue.
Wayne, thanks for the advice. You're right, there wasn't a seasoning issue. The ball is rolling.
By the way, Darren, I apologize if I came across as rude. I'm new to this website and real estate.
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