Can we buy home or investment property while under ch13?

We were mixed up in a Florida fraud mortgage deal through an out of state purchase. We decided to try and fight for our rights by contacting all the government agencies hoping to see some justice. We sent our proof documentation and complaints in and still nothing after almost one year. We received notices our case is being investigated, but how long does this take? We are on a ch13 payment plan. If we did a short sale could we buy else where if someone gave us a monetary gift to invest, or do we need to put our investment under another family members name?

By | 2013-08-26T05:19:05+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. pvscholar August 26, 2013 at 7:23 AM - Reply

    Cash is king. If you have cash to outright buy the property, your credit does not matter. Also if you use other peoples money or credit, your credit again does not matter.

    I myself would not lend money to or take a lean for someone with bad credit. You are asking for trouble when you do this.

  2. ~*Mama-of-Two*~ August 26, 2013 at 7:09 AM - Reply

    Your credit is probably really damaged by now. No bank will loan you money for a house if your credit score is below 620.

  3. real estate guy August 26, 2013 at 6:11 AM - Reply

    The short answer is no. No lender will work with you until your BK has been discharged. And then it will be 2-5 years before they will loan you money.

    THere are however, lenders that will loan you the money with a HIGH downpayment and HIGH rates.

    Plus while you are in the BK, the court would have to sign off on any purchase.

  4. SmartA$$ August 26, 2013 at 5:58 AM - Reply

    If I had a history of not repaying debts that included a short sale (not repaying the full balance of a loan) and a chapter 13 bankruptcy (using the courts to FORCE creditors to reduce interest rates and payments to less than the original agreed upon amount), would you loan me money?

    Then why would a bank loan you money?

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