Has anyone ever bought a house while in their Chapter 13? I know one needs to obtain permission from their trustee, and they need to have at least been in their Chapter 13 for a year. Can you only get a mortgage for the amount you currently have listed as your monthly rent amount? Or does the trustee allow you to change your plan? Only reason I ask is my husband and I currently live in an apartment and would really love to purchase a townhouse someday, but there is no way we could get a townhouse mortgage for the amount we currently pay for in rent. I am assuming the answer is no, but just wanted to know if anyone has had any experience with this?
-
-
We had a consult with an attny earlier this evening. He explained about buying a house while in Ch 13. The mortgage payment will have to be lower than your current rent payment. In our particular case, I believe the attny said we'd have to get a mortgage payment that's $250/mo, or so, below our current rent payment. That's to allow for maintenance and upkeep of the property. And, of course, the Trustee has to approve it as well.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
Comment