can you buy a home in chater 13. if so how?
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yes u can but u have to be in your plan for a year, but from what i heard it can be hard. -
ive, been in it for about three years no late payments or nothingOriginally posted by MISSLADYComment
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please let me know ne thing desperateComment
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Originally posted by hollie
basically in order to qualify for an fha u need to have been in your plan for a year with no late payments, try and get prequalified, check with a mortgage company or if u have a realestate agent tell them your situation they usually know of mortgage brokers that have banks who will work with you, from what i was told as long as u have a credit score of 580 or above and been in ur plan a year you will be fine and some banks will buy u out of your chapter 13 since u been in 3 years u will probably be a good candidate for a buyout.Comment
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yes, you can buy a house while in a chapter 13 plan. my husband and i bought ours at the very end of our first year. we had to have 12 payments to the trustee and had to request that our attorney get us a copy of our payment history to them. since you are in a 13, they can't really use your "credit" to determine if you qualify to buy. they have to build a credit history for you....they will want 12 months PERFECT pays on rent, utilities and the trustee. if there are any debts that came after the plan that aren't being paid with the plan, they will have to be paid immediately. you will also have to get permission from the trustee to buy the house, and they will set a limit to what you can and can't buy.
but, even though i don't really care for the 13....i don't think we would've been able to buy our house without it. atleast not in the short time that we did. it would've taken years for us to clean our credit up!
hope this helpsComment
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Mortgage Buyout?
Do you know what mortgages will buy you out of your chapter 13? We have less than a year left on our BKCY and owe around 4,000. We are looking to buy but would like to do the mortgage buyout. ThanksComment
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