Discharged from bankruptcy 12-31-08 going through foreclosure currently curious about my options. Getting married in November, fiance has phenomenal credit, but only makes 30k a year, would like to buy a short sale house for approx 90k. I know the deed can not be in my name, but I would like my income on the loan if possilbe. Is there anything that can be done? Thank you for your replies.
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Filed Ch 7: 12-31-08 in IL (Equifax) 469
341: 2-13-09 --- Held and Concluded 538
Discharge: 4-15-09 - 601 NOW
I came, I went, I saw, I was discharged. Thank god for this board. -
that is a great question for a mortgage broker. But if your income needs to count, you will need to qualify, which you won't. Sorry. -
30K a year and a 90K house? Whatever happened to the no more than 25% rule regarding housing affordability? IMO I'd ditch trying to purchase a house for now, especially given that the purchase price of the house is 3 times his yearly GROSS income and does not factor in any other monthly bills.Originally posted by jgordo52 View Post
Have you done the math and factored in every single bill you'd have along with the cost of homeownership vs. renting (i.e., upkeep) ? If not, that is the best way to determine what one can actually afford (remember you must factor in homeowners insurance / mortgage insurance / personal property taxes / real estate taxes, etc, etc..)Comment
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thanks Pandora, but I, the guy who filed bk am debt free and make 60k/ year. A 100k house will still allow for significant savings. I think what we are going to end up doing is moving into her parent's house for 6-8 mos and save 2500/month to put as a downpayment on a home after the foreclosure is complete.Originally posted by Pandora View PostFiled Ch 7: 12-31-08 in IL (Equifax) 469
341: 2-13-09 --- Held and Concluded 538
Discharge: 4-15-09 - 601 NOW
I came, I went, I saw, I was discharged. Thank god for this board.Comment
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You could hire her as a financial consultant! ....... "other income".......
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