Hello all. Recently my grandmother passed away, and she left the house to all of her children equally (6 of them) the only problem is my dad and I have been living in this house for the past decade or so, so obviously we would like to stay here. The rest of his siblings want to put the house on the market and get their money. We have offered to buy the house, using his share as a down payment and they don’t mind as long as they get their share of what the house is worth. The Mortgage under my grandmother was fully paid. So there is no outstanding balance.
The caveat is my dad recently filed bankruptcy 2 years ago, and his credit isn’t that great. I have outstanding credit around 770-780. So i would most likely be signing any significant loans or taking on most of the risk.
The house isn’t worth anything crazy. Maybe 130-150k tops. I have no outstanding debt, a decent savings that would last 6 months of no pay, and my income is 50k a year.
What is the best way to go about purchasing the house? Should we open up a new mortgage? Can we refinance the house? I’m not quite sure what the best way to go about this is since the mortgage is paid off already.
Submitted January 27, 2018 at 04:38PM by terror_rizing http://ift.tt/2rHIDLv
