Updated about 9 years ago on . Most recent reply
Getting a Loan 2 years after Bankruptcy?
Hello All,
I am looking for a little help/advice while helping a family member figure out if they can get a loan for a home on Phoenix AZ.
They had to file bankruptcy about 2 years ago due to medical expenses. There current income is about 20K SSI, 20K Pension, and 10K part time income.
The home they are looking at is owned by a relative and is owned free and clear. It is part of an estate that needs to be settled up. The seller would strongly prefer NOT to do seller financing for this. The home is appraised at 180k, but the selling family member is willing 'discount it' to 120K in order to help out financially. (The seller is retirement age and has done very well and has no hiers so it is not a burden on them to do this at all).
In this scenario is there any chance that they could get a loan this soon after bankruptcy when factored in that they would have 60K of instant equity?
What advice do any of you have in this situation?
Thanks, Dan Dietz