Refinance After Bankrupcy?

[allinschenk]

What is the name of your state? WASHINGTON

BACKGROUND: My parents had to declare bankrupcy about 6 months ago, but decided to keep their home of 12 years. As of now, they are finishing a forbearance plan set for completion in 1.5 months. My parents owe roughly $145K with an appraisal value of about $270K. QUESTION--Is it possible to add myself or my husband who have good credit (700+ credit scores) but have not purchased a first home, to the house for purpose of refinancing to cash out some of the equity and then turn around and take our names off?

Any help is much appreciated! Thanks for your time.

[seniorjudge]

Originally Posted by allinschenk

What is the name of your state? WASHINGTON

BACKGROUND: My parents had to declare bankrupcy about 6 months ago, but decided to keep their home of 12 years. As of now, they are finishing a forbearance plan set for completion in 1.5 months. My parents owe roughly $145K with an appraisal value of about $270K. QUESTION--Is it possible to add myself or my husband who have good credit (700+ credit scores) but have not purchased a first home, to the house for purpose of refinancing to cash out some of the equity and then turn around and take our names off?

Any help is much appreciated! Thanks for your time.

QUESTION--Is it possible to add myself or my husband who have good credit (700+ credit scores) but have not purchased a first home, to the house for purpose of refinancing to cash out some of the equity and then turn around and take our names off?



This is a fraudulent transaction.

[HUD-1]

If they need your income to qualify, the lender will not give you a release of liability. You will remain liable an the Note even if you quit claim your interest to your parents. Also, when you eventually go to buy your first home, this will show up as liability on your credit report.