Sorry everyone if this has been discussed, but I searched the forum and couldn't find anything.
I won't go into all the details behind what got me here (very expensive grad school, unforseen expensive medical issue, spouse not working, HUGE drop in home value), but while I should have filed a year ago, I finally swallowed my pride and am filing.
My question is about having parents buy a home and "renting" it to me after I file. I'm going to be forced to change jobs, unfortunately, but I will still be making a good income (~$100k). I'll be moving to another state where it's much more affordable and we're filing quickly as I will be getting a decent size bonus middle of July that will become our "get back on our feet" start (we will have nothing of value at filing).
It's possible I'll also get a signing bonus from my new employer (after filing), and I might even get some kind of severance from my existing employer. I won't know any of this at the time of filing, these are things that *could* happen in the month or two after.
Between these three things, I might be able to put together a total of $15k - $20k. Don't get the wrong idea, this amount would not put much dent in the overall debt picture and would not change anything as to my having to file for BK. So I'm not trying to weasel this money out from under creditors.
My parents do not make a lot of money, but have paid their house off completely and have a great credit history with no debts. When we move, they're willing to get a mortgage and allow me to "rent" the house from him for the monthly payment. He'd have to cash in some of the equity from his house for a down payment, but I'd be paying for that as well, so this won't cost him a dime out of pocket.
My question is this: if I can scrape together some cash for some of the down payment (i.e. $10k), I'd love to do that to contribute something and take a little risk from my parents. But I'm afraid that having a large lump sum going to a family member shortly after filing might somehow bite me as far as creditors go. It would go towards the down payment for the house, so it's not like it would be just giving them cash as a gift or to pay them money I owe them (I don't owe them money).
Does anyone know my options here? I have a wife and 3 kids and our plan is to let my parents do this, and after a few years, buy the house from them at what was paid. It won't be an extravagent home and we're looking in a range well below what I can afford to pay monthly given my income level.
Is there a better way to approach this? Can I actually be a cosigner on the loan and have my cash go directly towards the house? I assumed my name on the application could do nothing but hurt, but I don't really know. I'm just trying to find a way to make this work.
I won't go into all the details behind what got me here (very expensive grad school, unforseen expensive medical issue, spouse not working, HUGE drop in home value), but while I should have filed a year ago, I finally swallowed my pride and am filing.
My question is about having parents buy a home and "renting" it to me after I file. I'm going to be forced to change jobs, unfortunately, but I will still be making a good income (~$100k). I'll be moving to another state where it's much more affordable and we're filing quickly as I will be getting a decent size bonus middle of July that will become our "get back on our feet" start (we will have nothing of value at filing).
It's possible I'll also get a signing bonus from my new employer (after filing), and I might even get some kind of severance from my existing employer. I won't know any of this at the time of filing, these are things that *could* happen in the month or two after.
Between these three things, I might be able to put together a total of $15k - $20k. Don't get the wrong idea, this amount would not put much dent in the overall debt picture and would not change anything as to my having to file for BK. So I'm not trying to weasel this money out from under creditors.
My parents do not make a lot of money, but have paid their house off completely and have a great credit history with no debts. When we move, they're willing to get a mortgage and allow me to "rent" the house from him for the monthly payment. He'd have to cash in some of the equity from his house for a down payment, but I'd be paying for that as well, so this won't cost him a dime out of pocket.
My question is this: if I can scrape together some cash for some of the down payment (i.e. $10k), I'd love to do that to contribute something and take a little risk from my parents. But I'm afraid that having a large lump sum going to a family member shortly after filing might somehow bite me as far as creditors go. It would go towards the down payment for the house, so it's not like it would be just giving them cash as a gift or to pay them money I owe them (I don't owe them money).
Does anyone know my options here? I have a wife and 3 kids and our plan is to let my parents do this, and after a few years, buy the house from them at what was paid. It won't be an extravagent home and we're looking in a range well below what I can afford to pay monthly given my income level.
Is there a better way to approach this? Can I actually be a cosigner on the loan and have my cash go directly towards the house? I assumed my name on the application could do nothing but hurt, but I don't really know. I'm just trying to find a way to make this work.
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