A few questions

[wrigley1976]

I am currently about 1 year into a 5 year 13.
I received foreclosure notice on my house about a month ago. I consulted my attorney and he said we have at leat 6-7 months before they will make us move.
I am in Chicago and will be accepting a much more lucrative position in Denver. My plan is to just sign the house over and move.
I would not be able to sell it for as much as I owe on it.
Can this be done?
Will it show up as a foreclosure on my credit reports?
Is buying a new house while in a Ch13 an option. I will be able to show the income- just not sure if it can even be done.
Any help is greatly appreciated.

[Flamingo]

I can tell you right now especially in this economy that you will not be able to buy a new house while in Chapter 13. On the radio this a.m. on the way into work (Good Morning America) even people with pristine credit will find it extremely difficult now to obtain a mortgage. With a Chapter 13 on your record for 7 years from the date of filing, and also letting your house go, it's going to take you a while before you will be able to look into buying another house. It's just reality right now with your BK on top of it. What you will need to do is get through your Plan and do not be late with any kind of payments whatsoever and after discharge, clean up your credit reports and keep working on making on payments on time and rebuilding your credit. With that on your records you will look much better to mortgagors.

Best of luck to you.

[justbroke]

To add to what the birdie told you (Flamingo!), be careful of these so-called "lease/purchase" options that they are offering people who are in foreclosure or are trying to get housing after foreclosure.

While there are legimate people out there, several companies are under investigation (including a big one in Florida) for some... not so nice practices. In many cases, they are just trying to get thousands of dollars from you, with no hope of you every being able to buy the home. They actually hedge their bet that you won't be able to buy the home.

Not saying it can't be done, but there won't be alot of opportunities.

There's a GREAT FHA program for people who been through Bankruptcy. I don't know what's going to happen to the program.

FHA will consider appoving a borrower who is still paying on a Chapter 13 Bankruptcy if those payments have been satisfactorily made and verified for a period of one year. The court trustee's written approval will also be needed in order to proceed with the loan. The borrower will have to give a full explanation of the bankruptcy with the loan application and must also have re-established good credit, qualify financially and have good job stability.