Just a quick Google search shows Chapter 7 as the liquidation bankruptcy.

Generally, it runs continuously but if you take action that prevents the mortgage holder from filing a foreclosure action, such as filing for bankruptcy, the time period may be tolled (suspended) or extended until the mortgage holder can legally take action again.What Is the Date of Default?

@Andrew Diamond you usually need to have a 600 credit score as anything below signals something along the lines of a recent foreclosure, bankruptcy, etc..

So, a total closing of $2195-ish.No bankruptcies that I see (deed was in buyers name still until a few days ago).  

(FHA is our only option due to past bankruptcy and foreclosure.)

It will seriously hamper your ability to get financing.Likelihood is that one serious bump in the road will drive you into bankruptcy.

Then your Dad/Mom can forgive the note in 2018 which would count as a ~$7k gift in 2018 and still have no taxes.Then you can gift them back later as you can based on the understanding that you and your parents have.I would also make sure that your parents understand that without a note and deed in trust to secure their interest, it could be lost if you were to have some devastating event like being sued (and losing), divorce, bankruptcy, death, etc.I googled for my promissory note paperwork for my state.

And that's if the buyer doesn't file bankruptcy and delay things.Also, if you were selling to an entity, like an LLC, I'd feel better about your financing not having to be Dodd-Frank compliant.

It depends how much CC debt they have they may want to declare bankruptcy?

PR has been in trouble since 2006 and will have losses bigger that Detroit.A great summary can be seen in the NY Times.