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Bankruptcy family issue?
Ok- My FIL in KY filed BR and cliff notes version he is now going to walk away from a $280,000 property. MY DH and I own a mobile home on the property and he wants to relocte the home to a "lease to own" property and in two yrs be able to get a loan to buy the property and our home so that we are out from under the home since we have a "real home on real land" here in GA.
We have no intention of moving back to KY so I would love to be able to get rid of this thorn in my side of a home. Is it possible for him to even buy property 2 yrs after a BR? Any help/advise/personal experiences welcomed!
Just a reminder. My DH and I are not the ones who filed. My father in law did.
2 Answers
- Anonymous1 decade agoFavorite Answer
The fact is, if your Bankrupt, you shouldn't be pulling out more loans. Your situation might be hellish, but that would only further your problems. Once you file for Bankruptcy, your labelled as "High Risk", that meaning, most banks will not give you a mortgage or a loan. The best thing to do to clear your name is to build your credit rating. Save your money, gain interest on it, and let the waters clear. Then, when you take out your next loan, not spend it. Hide it away, slowly pay back the loan, and thus your credit rating will build. Hope this helps!
