Motion to incur debt (mortgage)

[Staceyt]

Anyone on the forum have experience buying a home in Chapter 13?

The ex kept the house when we split 2 years ago and I've been renting ever since. The housing market in my area is tight and I've been watching prices escalate; and they're expected to keep increasing.

I only have 6 months left in my 13 and I found a house I love. I was actually pre-approved for FHA loan by several different lenders.

My lawyer has entered a motion to incur debt and asked for a shortened notice period. The sellers have countered with an agreement that is contingent on trustee approval within 21 days.

I wish I had a crystal ball...do you think he'll allow me to buy the home? Mortgage will be higher than the rent but I've offset with new (cheaper) child care couple with lower 401k contributions so my payments will stay the same.

[LadyInTheRed]

Even if somebody has experience with a motion to incur new debt, unless they have the same trustee, their experience will be no indication of what your experience will be. If you are not reducing what goes to unsecured creditors, I would think you have a good chance of approval. Good luck. I'm keeping my fingers crossed for you!

[Staceyt]

Thanks! I have a feeling my Pacer bill is gonna be high this quarter...

[justbroke]

Stacey, looking at PACER is probably the most expensive way to go. I would ask my Chapter 13 Attorney what the likelihood of a Motion to Incur Debt in your District. You can also ask your Attorney what they would charge as well as if "THEY" can provide you with a couple of case references.

See, I just saved you from incurring debt to search PACER.