Filing Ch. 7, no asset, already had the 341 and waiting. Have been renting in my current residence for nearly two years with a super cool landlord. A couple of weeks after we filed, our landlord said that he was selling the house and offered my husband and I first dibs. Talk about a conflict of emotions. Realistically, I knew it wasn't possible for us to score financing before we would even have our discharge. It's incredibly frustrating because the mortgage payment on this place would be less than our rent. Roll the property tax in there and it's only about $40 more per month.
This since Sunday: We talked to his realtor who seemed optimistic that we could find financing, then talked to a mortgage broker who said no way no how, then we decided that moving and renting was the only option, found a new place, did the rental application (which isn't going to look good for us in bk), and now just found out the owner wants to do an owner finance for us on the following terms: 10% down, %8 interest, make payments for 36 months at which time we need to get traditional lending. Total cost of the down payment plus those mortgage payments over 36 months: $49044, total cost of rent for 36 months $50220. I guess the difference is we'd be building equity instead of putting $$ in someone else's pocket. Plus it's feasible that I could find a cheaper rate say 25-27 months from discharge.
And fwiw, my credit was great until 12-14 months ago when everything went sideways and came tumbling down way too quick. I'm confident I can get a better rate at that time. Mr. bellows is thinking we should go ahead and move, but the numbers are slightly better in buying this place. Argh! What to do?!
This since Sunday: We talked to his realtor who seemed optimistic that we could find financing, then talked to a mortgage broker who said no way no how, then we decided that moving and renting was the only option, found a new place, did the rental application (which isn't going to look good for us in bk), and now just found out the owner wants to do an owner finance for us on the following terms: 10% down, %8 interest, make payments for 36 months at which time we need to get traditional lending. Total cost of the down payment plus those mortgage payments over 36 months: $49044, total cost of rent for 36 months $50220. I guess the difference is we'd be building equity instead of putting $$ in someone else's pocket. Plus it's feasible that I could find a cheaper rate say 25-27 months from discharge.
And fwiw, my credit was great until 12-14 months ago when everything went sideways and came tumbling down way too quick. I'm confident I can get a better rate at that time. Mr. bellows is thinking we should go ahead and move, but the numbers are slightly better in buying this place. Argh! What to do?!
341 Meeting 12-16-2010 
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