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micky253 · Joined: 22 Jun 2009 Posts: 1 1.00 Dollars($)

I have a purchase agreement with my sisters, which I haven't been paying on faithfully. Its for 10 years and is up in 2012. I want to change it to a mortgage if I can get one so that I will pay my sisters off and consolidate all my bills. how do I go about doing this? I think my foreclosure is up this year. I have paid the insurance, house taxes, fixed the roof and had my son build 2 rooms upstairs. I really don't know what my sisters can do to me for not paying. Can they take the house from me? Is there a type of mortgage I can get that will help me?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

micky253

Welcoem to the forum

If you had a legal agreemtn with yoru sister, she can absolutely take your house away from you.

For you to get a mortgage you need to show some income and also good credit history

Good luck and feel free to ask

jenkin7 · Posted: Tue Jun 23, 2009 2:11 am Post subject:

Hi Micky,

What type of mortgage you can qualify for depends on a lot of factors. You have mentioned that the foreclosure will be up this year. In this market, you will have to wait at least for 2 years to qualify for a loan after a foreclosure. Much depends on your credit score as well. What is your current credit score? Have you been making your payments on time since the foreclosure? You have not been paying your sister faithfully as per the purchase agreement and this is not going to work in your favor when you apply for a mortgage. If the purchase agreement allows your sister the right to take the property from you, she can definitely do that.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Good suggestion Jenkin7

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