Our neighbors across the street are moving out of their house because they can't afford the payments. The bank was unwilling to work with them and they are walking away. Now, we had THOUGHT about renting the house from them but they just want to wash their hands of it. So, the house will go into foreclosure. We just filed for Ch 7 so I figured there is no way we will be able to buy it - can't imagine us getting a mortgage. But, my dad is looking to buy some investment property. Any one have experience buying a home in foreclosure? Just wondering if you had any starting points. My dad isn't looking to buy something to live in but I told him that we would rent it from him. If we have to rent for 3-5 years anyways, I would rather be paying my father than a stranger. Plus, it is a really nice house - one I can see myself living in long term so when we have a down payment together in a few years, I would be willing to buy it from my dad.
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Our kids are in the same boat.
They owe too much money on their home to get clear. She lost her job a year ago this Thanksgiving @$70k per year and his job just could not support all their bills.
The savings is gone, they have cashed out everything they could and sold a lot of things they had hoping she could get a new job.
But like many their bills were based on the higher double incomes and jobs just are not paying what they were.
Her truck was repossessed and I told them to take advantage of the situation and just walk away from his job and get out of that hot valley down there in Phoenix and start again up here with us.
The other option in the near future was to find a rental and that still did not pay the balances on the other bills they owed or the suspected $10K deficiency on her truck.
He did not want to quit his job but he was not left much choice in the matter. Soon they would be garnishing his wages and as is they did not have enough money to make it.
So Chapter 7 it is and on the 23rd of Nov they move in with us until they can find jobs and get back on their feet. They will come away clean with the exception of a debt to IRS they owe and we will attempt to make a deal to settle that for them if we can.
I suspect this is becoming quite normal across America more so everyday whether we like it or not.
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