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  1. #1
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    Jun 2018
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    Default Repurchasing a Home from a Family Member After Bankruptcy

    If I sell a home to a family member while in bankruptcy, how difficult will it be to get the home back in my name? This is my main concern. Will I be able to get a loan again after 2 bankruptcies?

  2. #2
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    Jan 2006
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    Default Re: Can I Sell My Home to a Family Member to Avoid Foreclosure

    Quote Quoting missmorgan
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    How difficult will it be to get it back in my name? This is my main concern. Will I be able to get a loan again after 2 bankruptcies?
    2 bankruptcies?

    Only the lenders can tell you. How available money is changes with the economy and the controlling laws.

    Why not buy it land contract from your daughter and when you can eventually obtain a mortgage loan pay off your daughter?

  3. #3
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    Jun 2018
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    Default Re: Can I Sell My Home to a Family Member to Avoid Foreclosure

    I have no idea what that means. I think I am ready to contact a lender though and I will get all my options. I appreciate your help very much.

  4. #4
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    Default Re: Can I Sell My Home to a Family Member to Avoid Foreclosure

    Why would you contact a lender? You’re in the middle of a BK. No lender can extend credit to you.

  5. #5
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    Default Re: Can I Sell My Home to a Family Member to Avoid Foreclosure

    Right. Who would be the best person to facilitate the sale to my daughter? A mortgage broker?

  6. #6
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    Default Re: Can I Sell My Home to a Family Member to Avoid Foreclosure

    Given your info regarding the situation now I don’t see anything to be concerned about with the future purchase. It doesn’t appear to be any sort of fraud involved which is about the only thing that I can think of that would pose any problems.

    And not only do you not have a reason to wait, you have a big reason to not wait. If the trustee removes the home from the bankruptcy and removes the stay against legal actions by the lender, they can foreclose now and not need to wait for the Bk issue.

  7. #7
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    Default Re: Repurchasing a Home from a Family Member After Bankruptcy

    A risk in selling your home for below market value to a family member is that the family member may later decide that they don't want to sell the home back to you, or prefer to sell for full market value. In many cases the initial reaction to that sort of possibility is, "Oh, that won't happen in my situation," but I've seen the darndest things happen between formerly trusted friends and family members.

    Discuss your plan with your bankruptcy lawyer. If this is a Chapter 7 bankruptcy, it makes sense to wait for your discharge. If this is a Chapter 13 bankruptcy, you need to speak to your lawyer about the effect on your repayment plan and whether it will be necessary to amend your payment plan.

  8. #8
    Join Date
    Mar 2013
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    Default Re: Repurchasing a Home from a Family Member After Bankruptcy

    Quote Quoting Mr. Knowitall
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    A risk in selling your home for below market value to a family member is that the family member may later decide that they don't want to sell the home back to you, or prefer to sell for full market value. In many cases the initial reaction to that sort of possibility is, "Oh, that won't happen in my situation," but I've seen the darndest things happen between formerly trusted friends and family members.
    Yes, thousands of them on this and other legal websites.

    Family can screw you worse than strangers.

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