Reply
Contributor
MyFico_704
Posts: 93
Registered: ‎06-26-2009
0

SS after BK?

Hello,

 

We filed BK that was discharged in May 11'.  Earlier this year we tried to SELL our rental property to a relative but unfortunatly and NOT surprisingly it did not appraise and the deal went dead.  It's been 4 months now and I thought about doing SS.  Balance 130k; appraisal value 105k (this past May).

 

Since relatives didn't qualify the spent a little bit of their $ for down payment and do not have enough for the 5% down. 

 

It is my understanding that SS could take upto 6 months to get approved, if at all.  Relatives will have $$ in maybe 2 more months. And the attempted regular sale was only 4 months ago.. 

 

Because the regular sale was only a few months ago.. Can we move forward with SS when relatives have $$ for dp?

 

How long should we wait if it's too soon?

 

Thank you in advance.

Moderator
MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
0

Re: SS after BK?

Thread is locked. The same post is here.

 

Please don't post across multiple boards.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}