Seeking An Answer To An Impossible Situation

[Karen Paul]

What are some possibilities for securing financing now for a $499,000 house with the following "obstacles"...

1. I just filed bankruptcy;
2. I am a physician who has taken time off to raise a young child. I have a new employment contract in hand and will be making $350,000/year, but I will not start this new position for three months;
3. My fiance makes $63,000/year. His credit is average (~640);
4. The homeowner is unwilling to do a lease/purchase.

I'm looking for a solution now because I do not think that this particular house will remain on the market for very long.

[Account Closed]

Karen Paul I'll be honest and say that unlike Bill Gulley, I do not think your employment contract is strong enough to motivate anyone to lend to you. I don't know anyone who wouldn't want to see at least 90 days of income paid from that contract. Going from unemployed to employed with a contract is great, but it doesn't show a lender or seller that the income is secure. Unless the terms of your contract provide you'll be getting paid regardless of performance. :)

That being said, I know high earners with recent BKs, foreclosures and/or bad credit who have private lenders for their primary residences. The borrowers are paying 10-12% interest and all parties are happy with this arrangement. But again, the high income was constant and verifiable. Interestingly, one of the lenders is a doctor. You may want look to your family, friends and community to find private parties looking to place money at high interest rates. Other professionals in your field may have more understanding of the value of your employment contract.