Legal Question in Real Estate Law in California
Bought a HUD Home for more than it was worth
We bought a HUD home for more than it was worth.We had to repair the home even before we could move in.Since the time we bought it in '95 and now the value of the home went down even more.We were forced to file bankruptcy (chap7)on the home,because we could no longer afford the payments as well as the upkeep.Now our credit is bad and no one wants to talk to us.Do you know of any legal way to help us obtain another home?
1 Answer from Attorneys
Re: Bought a HUD Home for more than it was worth
Your problems now are more in the personal finance than legal arena, and you might want to find a low cost/no cost credit counselor locally.
As far as purchasing a home, there are three elements that interplay: creditworthiness, down-payment, and income. If you have two, they can overcome the lack of the third. That is, if you had both a down payment and adequate, steady income, you could get a home-purchase loan but not at the best rate. If you lack either a down payment or predictably-adequate income, you are probably out of the market, especially at today's hot (overheated?) prices.
Since you have recently been through Chapter 7, it is unlikely you have enough funds to make a significant down payment. If you were able to get a loan at all, the interest rate would be exhorbitant.
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