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1 Payment Left - Do I Need To File A Motion To Incur Debt (For Mortgage)

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    1 Payment Left - Do I Need To File A Motion To Incur Debt (For Mortgage)

    I have been pre-qualified for a VA loan for a house and I have one payment left in my Chapter 13 plan. The mortgage originator said that I will complete the application for the loan after I have made an offer. I did make an offer today and the broker is submitting it to the seller tomorrow. The contract has deadlines attached to it. I do not know if the VA requires the Chapter 13 trustee's approval to grant the loan with only 1 payment left, or if my loan application will be invalid without filing a Motion To Incur Debt with the court. I will try to contact my attorney tomorrow, whom I have not spoken to since the 341 meeting 4 1/2 years ago.

    Getting eventual approval is certain, but I really don't want to lose the opportunity to buy this particular house waiting for the BK court to approve the motion. Timing is everything, they say.

    Anyone know what I am likely to discover?

    #2
    I am in the same situation but having a house built. My lender put a contingency on mine that it would close after I received my discharge therefore no need to get trustee approval. It's set to close 30 days after final payment to the Trustee. I only hope that my discharge is done in 30 days if it's more than 30 days then we will have to extend the closing.
    Chapt. 13 Petition Filed 9/29/07
    Case Confirmed 12/10/07
    59 mos done 1 payment to go

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      #3
      Well, I solved my own problem. I have decided to rescind the offer on the house I want to buy and simply wait for my discharge. Then, the trustee is no longer concerned with my finances.

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        #4
        I think you made the right decision, kornellred. There are lots of houses for sale out there. You'll find another great one!
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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          #5
          I have one year left in chapt 13. I asked my lawyer to look into what I can do to get a house. I have been preapproved by a FHA lender. Part of me believes that homes and interest rates will not be as good as now. I find it difficult to wait 12 months once I am discharged...

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