Q: Hello, My home is currently in foreclosure, it went to sheriffs sale 2 weeks ago, no one bought it, so it goes back to
The bank. we owe 277$. If my dad buys the home and we gift him the equity, can he legally rent us the home? And how soon, roughly, would we be able to get a new mortgage to buy him out eventually?
A: No one bought it at the sheriff's sale? This is unusual. Generally, you have 6 months from the date of the sheriff's sale to "redeem" the property. If your father buys the property, he can rent it to whomever he wants. I suggest you contact a foreclosure defense lawyer to review your situation in more detail. Regarding how soon you can get a new mortgage, that all depends on your credit. Assuming your credit is worthy enough to be approved by a lender, you can do that immediately.
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