I need your opinion

[mutombopr]

Hello all. I filed DEC 2008, confirmed march 2009. I am currently employed and I may get offered a promotion in which includes a relocation package that take cares of all closing costs during the sale of my current home and all the closing cost for buying a new home. Is it possible to get approve to do this? The raise I am getting will be more than 10% and it is a great opportunity since I get more home for the same amount of money I have now. Also, I am staying in the same State.

Your opinion will be appreciated.

[AngelinaCatHub]

I cannot see why you would not be approved to better your life. The Trustee may raise your payments a bit perhaps, but then it would shorted your payout time. My opinion. 'Hub

[mutombopr]

That's what i thought, I am only asking since I read somewhere in the forum that you have to wait a year before doing this so that is why I asked.

[AngelinaCatHub]

That's what i thought, I am only asking since I read somewhere in the forum that you have to wait a year before doing this so that is why I asked.

An opportunity like this has no time limit. You take it when offered or lose. Good luck to you. 'Hub

[lrprn]

Congrats on the new job and the raise - that's wonderful news! Since you've been confirmed, it's fine to move.

You will need to continue making your payments due under the chapter 13 plan, file a notice of change of address with the court, and make any other necessary amendments to reflect any changes that will result from the move. These changes will usually occur with the budget items on schedule J. You may want to live a few months in your new location to get a good average of your utilities and living expenses to file an amended plan that reflects your new income and changed expenses.

You and your lawyer will have to seek permission from the trustee and/or the court to actually sell your current home. Your lawyer (or you with your lawyer's permission) should contact your trustee to determine whether the trustee will allow you to sell the home without court approval. If the trustee will not approve the sale without court approval, then your attorney will need to file a motion to sell your home and obtain an order from the court authorizing the sale.

One last thing....keep in mind that because you are in an active 13, you are very unlikely (pretty much impossible) to get financing on your own to buy a new home in your new location that won't be a complete rip-off. Is your company or someone else going to help with that? Or are you planning to rent?

[oldhack]

Getting a loan to buy a new home in your new location will be the problem, as lrprn suggests. FHA, for example, requires at least a successful year in a Chapter 13 plan before even consideration (with trustee permission), and that's a best-case scenario. Just because it's allowed by FHA doesn't mean a lender will underwrite.
I wish you the best, but be prepared to rent for awhile.