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Posted in Mortgage
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Question By
vegikachu

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Need to buy another home with judgments on Credit
Here's the situation: I currently have a home with a mortgage, I am receiving a second home as part of an employment bonus, and I am needing to purchase a family member's home to keep it in the family.

The problem is that i have judgments on my credit from 6.5 years ago and I'm not sure if I can get any type of home loan with a judgement.

I am willing to pay off the judgments (preferably negotiating a reduced rate), but do not have the cash to do so. I also plan on selling the first home, but need at least 6 months to get it ready. My credit scores are TU 649 EQ 633.

My current idea is to try getting a home equity loan on the second home in order to purchase the third home, but doubt this will work. Is there any alternative suggestions?

Thank you very much for your help, i desperately need it!

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This is not a NEED,  this is a WANT!

Sell your Home,  Sell the 2nd Home,  and pay cash the 3rd one out right and move in to it if you want to keep it in the family.

Reply by
vegikachu

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I appreciate your response, I suppose I should have worded my question differently as this is the internet. The situation is rather more complex than what I wrote, but I felt that brevity would be more desirable than a long drawn out story detailing all the possible situations that I am trying to be prepared for. 

I don't NEED this house, but I am humbly requesting any advice that will allow me to accomplish my goals.

Your suggestion will not work for this situation, as I can not (literally) move into the 3rd home right now and losing the house is very undesirable as it will likely mean that within a year or so one of my family members will not have a place to live and all of their belongings will need to be placed into storage, sold or thrown away. 

The home with the mortage is most likely worth less than what is left on the mortgage in it's current state and is not suitable for my family member to live in (location, accessibility and other reasons).

So could I please have some advice on the questions I'm asking?

Thank you very much for your help.

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