Finding a rental after foreclosure and bankruptcy

[lichteda]

TShoot,

Noooo, we waited to find a new house when we thought we would have to move. The seller only waited 60 days for the time I made the offer on the new house, contingent on court approval.

David

[lichteda]

T,

Send me your email... I can't figure out the forum one.

[email address remove by moderator. To send a PM to a member, single click on their name next to a post and select "Private Message". Forum rules prohibit posting personal info, even your own. You can read the rule at http://www.bkforum.com/announcement.php?f=17]

[TShoot]

TShoot,

Ok, let me clear things up a bit...

First, our plan was approved in Feb09. We had filed in Nov08 and started to stash the cash from Sept08. Understand, not paying any creditor execept the trustee $200 per month. This freed up about $3000 per month for us.

In June or July 09 we started looking for rentals. After 30 days or so I found one... 8 achers, 3000 sq. with several out buildings. A beautiful house... abet, a bit older. (we have 5 kids and need a larger home).
I asked the selling agent if the owner would consider a land contract instead of a rental... Short story; yep, we made an offer of $250k 15 years at 5%. Seller wanted $259 and 5 1/2%. Offer was contingent on court approval (we fully disclosed our situation).

Took the court 60 days (almost ran out of time on the offer). Approved!

Told the seller we could not move in until Aug 1st and would make the first payment then!!!

So we had collected the "mortgage avoidance" since Sept09 to Aug10. The Trustee at plan confirmation wanted a bit of it (remember it was Feb10; so we told her we would be out in 30 days). The negotiations with her included moving expenses 8k (i think), down payments (she thought we were going into a rental) higher rental cost then what our previous mortage was ($2000)... and what ever else we could throw in. I think I had to send a 5k cheque at plan approval... or something like that.

After the plan was approved, I sat in the house for months waiting for the bank to foreclose. In MI, if you send the foreclosing bank a note after notificaiton, they have to wait another 30 days to start again (meaning notifiy them we were still in the house). So just did that a few times...

Sooooo, I left the dump house with $30k, used $25k as a down payment on the new place, and used the other $5k for painting an such on the new place before we moved in.

Key is, the court, trustee or creditor cannot tell you where you can live. Suck off the current home as long as you can and sock the money (all cash) away. I even had 10 oz of gold... again, all after plan approval.

Once you determin you are going to have to move, find a land contract, make an offer contingent on court approval... (you will have to explain were the down payment comes from). So get close to the seller... (I have several idea's if you need them).

Glad to help, just ask.

David

From the above bolded parts, it sounded like you found the house you wanted roughly around August of 09' and made him an offer contingent on your court approval. Court approval was 60 days or so after that and you didn't move in until August of 10'. I am really slow sometimes so maybe I am just missing something on the timelines.

[lichteda]

T,

Send me an email... I can't get the forum one to work right.

[email address removed by moderator]

[lichteda]

OOps,

Aug 09... we moved in.

Sorry about that.

We moved into the new house 1 year after stopping mortgage payments to the bank.

[TShoot]

Makes sense to me now. Thanks!