Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Chapter 13 question

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  • Chapter 13 question

    Been pre approved for VA home loan. Under writing need to do what they do. A home builder is willing to let me rent a home until my chapter 13 is done in 5 months then purchase the home. What really happens when underwriting does their thing, will my trustee be notified even though I am not purchasing a home until chapter 13 is over. All the builder wants in that underwriting statement saying. purchaser is approved pending release of chapter 13.

  • #2
    Home loan during chapter 13

    With a VA loan and underwriting approval, but have not signed anything. Home loan will not be completed and signed until 13 is done in 5 months from now. If i am not signing a contract or buying a home during 13, do i have to inform my trustee.


    • #3
      I am sure someone else will chime in here, but I believe up until the ch13 is actually closed you do have to tell the trustee. (and that can be a number of months after you are done with your plan payments)
      (I could be wrong but this is my understanding is that until the case is closed you are still under the trustees field of influence)


      • #4
        Buying home

        Has anyone while in Chapter 13 became pre qualified for a loan from lender? If so did you become pre approved from lender also, and did that need to go through your trustee. We have a builder that will allow us to rent a new home for about 5 months until our chapter 13 is over then purchase the home. All the lender wants to do is be pre approved with contiguous on the Chapter 13 being over in 5 months. This is a VA loan, we will not go to closing during the Chapter 13, just rent the home. Has anyone been here before?


        • #5
          but we are not buying anything, we are just renting the hoe until bankruptcy is over in 5 months. We are not closing on the home until chapter 13 is over in 5 months.


          • #6
            You say you are not entering into a contract, but if you are signing a lease, that is a contract. Entering a lease may require trustee approval. You need check with your attorney before signing a lease or entering into any binding agreement to purchase the property later.

            I suspect you are going to have a hard time finding an underwriter to guaranty a loan will be funded 5 months from now. Too many things can change. Even if they do say they will fund it if your case closes in 5 months, keep in mind that it can take some time to close the 13 after your last payment. You may want to build in some flexibility in the timing in case there are delays beyond your control.
            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!


            • #7
              We have been leasing 3 different homes from three different states since we sold our home which was not in bankruptcy. We have never had to ask trustee to sign a lease on a home for rental. Underwriting has verbally commented to saying yes to the loan after 13 is over.


              • #8
                Since there were three separate questions/threads on this very same issue, I merged them into one thread. Welcome to the Forum, planewhisper, but please only post one question/thread about an issue. Making duplicates confuses everyone, and are hard to follow. For that reason, duplicate questions/threads are not allowed.

                Thank you!
                "To go bravely forward is to invite a miracle."

                "Worry is the darkroom where negatives are formed."


                • #9
                  Originally posted by planewhisper View Post
                  We have been leasing 3 different homes from three different states since we sold our home which was not in bankruptcy. We have never had to ask trustee to sign a lease on a home for rental. Underwriting has verbally commented to saying yes to the loan after 13 is over.
                  A verbal contract is as good as the paper it is written on. That is to say, 'no paperwork, no commitment'. If you have people telling you these things, you need to get it in writing, dated, and notarized.
                  "To go bravely forward is to invite a miracle."

                  "Worry is the darkroom where negatives are formed."


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