Let me premise this by saying I have never bought a house before and currently am unmarried. I live in Tennessee and they live in Indiana. I make 5k/month, they make 6k/month. My BIL has low credit due to his previous ex wife poorly handling finances with their home. Their home is worth around $225k.
About a year ago my BIL recently tried to refinance his home in order to lower their interest rate. The company he switched to was a scam. He never actually sat down with anyone and only heard about them through a mailing offer he had received. Well they just took his mortgage payments, pocketed them. Somehow property taxes were funneled through this company and never paid to the state. The house went into delinquency and after 12 months the county decided to sell the property at a sheriffs auction. A new owner bought the house for 90k and has given my BIL & sister 90 days to either buy back the house or get out. Well because the house was in my sisters name, her credit is now screwed and my BIL needs about 15 points back before his now creditable mortgage lender will give him a loan. They basically want me to buy the house, they'll pay rent to me for 4-6 months or however long it takes for his credit to improve, then they buy the house from me. I'm obviously a little hesitant, but come from a very close and strong family and really want to help them out.
Submitted May 20, 2018 at 10:52AM by B1Gsportsfan https://ift.tt/2IWD5UW
