Home Buying in Powhatan>Question Details

Pattydunavant, Home Buyer in Powhatan, VA

own home on 12 acres. Owe 124k on 11 yr.old house 2 acres (appraised 5 yrs ago at 270k) also own adjoining 10 acre parcel free/clear ( accessed at

Asked by Pattydunavant, Powhatan, VA Sun Feb 19, 2012

60k. want to downsize & have a horse ready property. recently discharged from chap.13, identity stolen sept.07? Is this possible w/ the recent discharge?

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No, you will have to wait to get a new mortgage loan. I would have to double check with my mortgage contact, but I believe it is a minimum of 2 years from the release date of your bankruptcy. You could only buy now if you can pay cash or get private financing. Also an appraisal from 5 years ago will definitely not be accurate as the market have severely dropped since then. I would be more than happy to take a look at your property and give you an accurate market anaylsis on your home so that you will know what it is worth in today's market. Please feel free to call me any day between 8 am and 8 pm daily.

With the identity theft situation, you may be able to get a loan much sooner, but I would need to put you in touch with a a lender to verify. You will still need to have a strong credit score, so you will need time to get your score up.

Tina Beasley
Associate Broker, ASP
Envision Real Estate, LC
804-972-9927
0 votes Thank Flag Link Sun Feb 19, 2012
This is a great question for a lender - I'm guessing that if you speak with seone you may get very happy news.

http://www.peggybouchard.com
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Peggy Bouchard, ABR, CRS, GRI, CDPE, SFR
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Cell: 804-307-4342 / Fax: 877-255-0645
RE/MAX Commonwealth
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Midlothian, VA 23113
0 votes Thank Flag Link Sat Feb 14, 2015
If you have re-established your credit the answer is yes. You could purchase another home during the time you were still in Chap. 13 based on your credit and the trustee approval. I will be happy to discuss this with you further.
0 votes Thank Flag Link Mon Feb 20, 2012
Why not sell one of the properties? Keep your home and sell the one you own free and clear. Or, alternately, build on that and sell your home. Either way, you own less and have downsized.
0 votes Thank Flag Link Sun Feb 19, 2012
Patty,
Chapter 13 is more lenient than a chapter 7. If you kept your payment arrangement on time and have any re-established credit it may be possible. The first step is to meet with a mortgage broker to see if you can be approved or what may be necessary. Until you have an application in process, no one can say with any certainty.
If you can get approved, the next step will be to find an agent to list and market your home. Part of the financing decision may be based on what you will net out of the sale of the home and or land. If you need 20% down, but will only net 10%, you may have to wait until your credit improves or you equity does.
0 votes Thank Flag Link Sun Feb 19, 2012
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