Posted by Maiysha Daniel on June 27, 2003 at 22:27:53:
Get a loan with your Mother-in-law as a co-borrower if possible. Look for a home that needs a little work and the seller has a lot of Eq. in the house. Make the payments on time for at least 6mths and refi. Buy out your mother in law and get some eq. so that you can fix it up, pay off some bills and get your MIL off the loan.
Living with in-laws, HELP!!! - Posted by Donna
Posted by Donna on June 27, 2003 at 19:43:15:
My husband and I are looking to buy property at an auction, the balance needs to be paid in full within 7 days after the sale. Also, we don’t currently own a home, we have poor credit, 560 FICO score. But we are living with my mother in law (Since July of last year), we really need to get into our own house!!! If you have any ideas, please let me know. We would also like to begin investing in real estate, but don’t know if it’s possible with our credit.
Re: Living with in-laws, HELP!!! - Posted by Terry Best
Posted by Terry Best on June 29, 2003 at 08:59:42:
A 560 FICO isn’t great but there are some lenders who will loan on that score. Not likely that it can happen on an auction property, though. Do you have any down payment money?