Mortgage after a 13 buy out

[tofargone]

OK,

Somewhat of a long shot question, but here it goes. I am talking with a company about a job in a diff town that if I get the offer I can't turn it down. Problem is I am about 12 months into a Ch 13. If I get this job I don't want to commute ( its about an hour and a half drive ). If I sell my home I can pay off the ch 13 ( I am close to 100% anyway ) and still have enough cash to put a down payment on a house. Since I would try to do this over the summer if I can sell my house this spring what is it possible to get a mortgage to buy a house in the new town. I should have about 20% to put down on anything I buy.

If anybody has had any experiance with this please let me know.

Thanks

tofagone

[Flamingo]

The problem is that you are only 12 months into your Chapter 13. Have you discussed this at all with your attorney? In order to do any of the above (if you can) you need permission from the Court which is obtained by your attorney and the Trustee filing a Motion for you to "buy out." Since you are not at 100% payback, if you are able to buy out you will end up paying back everything at 100%. I would certainly contact your attorney and go over those figures and see what he/she has to say. Best of luck to you!

[tofargone]

Most of my plan is for arrears ( wifes business went to bust so we pumped money into it, unfortunatly our mortgage is the one that suffered , the business is gone now )

My plan actually has in it that I can sell or refinance my home at anytime without further permisions if the sale or refinance pays off the Chapter 13 in full. I had the attorney put that into the plan and it was approved by the trustee and court, so I am covered on that end.

I guess I am looking to see if anyone has experiance getting a mortgage a few months out of a Chapter 13 that was only open for about a year.

Thanks

[MTG_BANKER_OH]

OK,

Somewhat of a long shot question, but here it goes. I am talking with a company about a job in a diff town that if I get the offer I can't turn it down. Problem is I am about 12 months into a Ch 13. If I get this job I don't want to commute ( its about an hour and a half drive ). If I sell my home I can pay off the ch 13 ( I am close to 100% anyway ) and still have enough cash to put a down payment on a house. Since I would try to do this over the summer if I can sell my house this spring what is it possible to get a mortgage to buy a house in the new town. I should have about 20% to put down on anything I buy.

If anybody has had any experiance with this please let me know.

Thanks

tofagone

You may want to consider an FHA loan if you have been in teh plan for 12 months. FHA may be your only option to get a good rate anyway. FHA will allow for common sense underwriting where you are more then a number.