Selling home and purchasing another

[mtanner624]

My wife and I attended our 341 meeting last month and just received an offer for a new job 1000 miles from our current residence. What is the procedure for selling our current home and buying a new home in SC?

Also, what are the going interest rates for people in Chapter 13?

Can we transfer equity from one home to the new one or will the trustee claim our money as extra income? Is our equity protected?

[HHM]

First, there are no interest rates in a Chapter 13. The only thing that gets tacked on to a chapter 13 that is not a debt you owe is the 10% trustee fee. The trustee gets 10% of the total chapter 13 plan payments you make.

Second, yes, you can transfer equity, that will not be a problem.

However, you will need to inform the trustee and get the trustee's permission to sell you home and buy the new one...which will usually require you to have some fairly solid numbers on the deals to give the trustee to evaluate.

The only hang-up would probably be in the financing of the purchased home, it won't be a very good deal.

[mtanner624]

What I was trying to figure out is what kind of mortgage rates I may be lookin at with this Ch13 on my credit report. Pre bankruptcy we were both 800 credit scores. Maybe someone has an idea about post bankruptcy interest rates.

[californiamama]

I work at a mortgage company. when a person is in bk , we would require the chapt to be paid off, the max loan to value is 80% and the BASE RATE this is just starting rate for 11.5