Creative suggestions to buy the family home?

[wagsk1]

Unless you are being payed cash at your work, what makes you think they won`t go after your paycheck? They did that to me with 2 small children on a single income household and I owed about the same as you. As you get closer to the debt aging out they pull out all the tools they have and they have ALOT. 2 of your debts are very low, pay them off and go for the OIC on the large balance, you will sleep better.

[masscredit]

I'm not really worried about that. Worst case is I can attempt to settle with them.

The important thing right now is seeing if I can come up with a way to purchase the house. I'm in the process of researching this but I think the most benefical would be if my aunt would carry the note for a few years. I don't think I'd qualify for a mortgage right now so that would buy me time while things gets straightened out so that can happen.  A few other things that have been mentioned to me are if she just carries the mortage to term (15 years) then we should be able to do a quiteclaim deed and have the property transfered to me (that is how she got it). That would save her from getting hit with Capital Gains taxes (what is the % for that?). Plus, a new septic would have to be installed if the house was sold. That would cost at least $10-$20k.  So the plan that I have in mind could end up saving at least $50k.  I'd have it all draw up by an attorney and that would take any responsibility away from her. She's be just like a bank that collects the money and that's it.