Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
We also have DIY Packages available.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
â€¢ Chapter 13:
A minimum of 12 months of the payout period has elapsed under the bankruptcy and the payout
performance has been satisfactory with all required payments
made on time. Borrowers must also receive written permission from the (Trustee or Bankruptcy
Judge) to enter into the mortgage transaction.
If you are wanting to finance most the balance of a new home purchase and are currently under ch. 13 protection and reorganization, it will be very difficult to qualify for a mortage. You should also not expect to qualify for a low interest loan (in the unlikely event that you were to be approved at all.)
It may be in your best interest right now, to work on your debt issues and savings while you rent or even better, live with a family member. Over time, paying off the debts will better position your credit score and allow you more options in the future with regard to mortgage loans.
This is a very abbreviated answer, I know. But options right now for those that cannot demonstrate credit worthiness are extremely limited (and virtually non-existant in the conventional loan market.)
A question to consider, if you have to pay down structured debt, where would you get money for a down payment and closing costs (not to mention other purchase expenses?) How would your court appointed trustee respond to your interest in using funds for a new home instead of debt resolution? Would the court even allow you purchse in light of your present obligations to your creditors?