Posted by Shane on February 04, 2002 at 17:50:29:
There are many questions left unanswered by your post. #1. What kind of BK did your son file, 7 or 13? #2. When was it discharged? #3. Why aren’t you even considering the mortgage in his name? As far as you going in 50/50 most lenders take the lower score of the two borrowers so that would put you back to square one. In so far as putting in a contract you can submit a contract under whatever terms you desire providing they fall into the legal guidelines of your area. However if you submit a contract for a property you openly admit you wont be living in there may be some complications on the mortgage end. How long has your sons proprty been on the market and why hasn’t it sold? Is reducing the price an option to expedite the sale? What kind of a downpayment is available? If your son has a Chapter 7 that was discharged a year ago he does qualify for a good interest rate loan with a minimal downpayment. If he has a 13 and has been making timely payments for twelve months he also qualifies. Shorter than that he is looking at a sizable downpayment and a high interest rate. Some lenders will do a mortgage the day after a BK is discharged. Don’t allow some loan officer to push you into a mortgage that doesn’t meet all your needs because he is unaware of all the programs out there. Nothing anyone tells you should be considered fact, this business is constantly changing and nobody can stay up to date on everything. What was fact yesterday may not be today. Any questions please email me. Shane