Want to buy house cash after discharge and possible forclosure soon.

[skhan66]

I was discharged August 2010 (Ca) and stopped making payments on my mortgage. After foreclosure, i will rent for 6 months to a year. I want to by cash a house for 170,000 in Ca. I just discovered my property overseas that was worth peanuts for a long time has now grown to a good sum $90,000. I plan pulling my 401K 20,000 and other cash 40,000 some mine some borrowed from family totals 150,000 , try and get a 20,000 loan and buy a house . Am I ok to do this with out raising a red flag i.e any problems from the court trustee or banks who I owed money to prior to discharge.

[tobee43]

i'm not certain the court system has time to "backtrack" on discharged bk's....however, if there was, i'd say your situation would be at the top of the heap....how can one get up 170k after less than 12 weeks being discharged?? NOT that i'm asking...i understand since you listed where the funds will be coming from. i have a difficult time that the trustee did not pick up on a 90k property....

any one just chime in...but as far as i know the courts are far to busy...however, nothings for sure???

[skhan66]

The property I own is now worth 30,000 overseas, I discovered this after discharge when I went back to my country last month, before that it was worth 11,000 that I know of. There are 2 other like properties that are on my dad and moms name that I plan selling too totals 90,000 all 3 properties (land). The rest money is going to be borrowed , some bank loan and some my funds 401k.

[backtoschool]

Property inheritance under 180 days after discharge can be looked at by the trustee and the case can be reopened. If your father sells you the property for under market value, that is another matter and probably will slip through.... Make sure that your father does not deed you the property before you sell it. It also could be the case that the 90k your father is going to give you would be seen as an inheritance too, so how the property is sold and how the money is given to you would be the key to whether the trustee would reopen your case or not.

[despritfreya]

This begs the question: Did you list your ownership of property in another Country on Schedule A? Sure hope you did because, if you didn't and the Trustee finds out I see Club Fed in your future. You might want to keep the property if there is no extradition treaty.

Des.

[tobee43]

i would have some concerns about the situation..but that's just me...

[backtoschool]

This begs the question: Did you list your ownership of property in another Country on Schedule A? Sure hope you did because, if you didn't and the Trustee finds out I see Club Fed in your future. You might want to keep the property if there is no extradition treaty.

Des.

Great point. That property would have still had to come under wild card exemptions and would not have been covered under a homestead exemption.