Does anyone know anything about buying ahome while in Chapter13? I have a baby due in 3 weeks and have outgrown the house I am in, which I am renting. Is there anyway to buy while in 13? I filed in July of this year.
-
-
You can, but it will be fairly difficult. First, you have to get approval from the trustee. Second, your proposed mortgage payment cannot significantly exceed, if at all, your current rent payment (if it did exceed the rent payment, it's doubtful the trustee would approve the transaction).
Third, your going to get a horrible deal on a loan (assuming you can even get one). -
We were told by one attny that we'd have to be in Ch 13 for a year, with on time payments. Also, you'd have to petition the Court and get the approval of the Trustee. AND, the mortgage payments would have to be less than our rent payments were. A couple hundred $$'s/mo to account for maint and upkeep of the home. More if taxes and insurance were not included in the house payments.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
-
Well alleast I know it is possible, maybe we should just stay put, I am sure I could make room.Comment
Comment