I am getting a divorce. My husband hasn't been working since January. I have been working at a minimum wage job. My family offers to help me to purchase a home for my son and I after the divorce. But with my name on the current mortgage and the house going into foreclosure, I don't know if I can.
Thanks in advance for any replies.
This is really a question for a mortgage broker rather than an attorney. In general terms, and especially in our current market, you must have credit worthiness which includes a downpayment and the ability to make ongoing payments. A minimum wage job will not give you that ability, particularly with a child to support. You will likely be farther ahead renting for at least two years to build up a down payment and rebuild your credit rating. If your family has credit worthiness, perhaps they can find a good short sale or foreclosed home to purchase for you, and then you can do a lease to own option over time to buy it from them. A realtor and mortgage broker familiar with the Las Vegas market will be able to give you much more detailed options and information.
Responses are for general information purposes only, and are based on the extremely limited facts given. A consultation with an attorney experienced in the area of law(s) indicated in the question is highly recommended. Information and advice given here should not be relied upon for any final action or decision, as the information is limited by its nature to the question asked and the fact(s) presented in that question. THIS RESPONSE DOES NOT CREATE AN ATTORNEY/CLIENT RELATIONSHIP, particularly considering that the names of the parties are unknown.
I would suggest that you take a look at your credit report & get a copy of your fico score. Once you have that information, continue to monitor your credit score.
The problem with you qualifying to buy a house may be more affected by your small income than by your credit score, but both can be an issue.
Hope this perspective helps!
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