We have been Discharged! :)

[loveends1981]

As of August 26, 2009 we have been discharged!

We recieved our papers in the mail on Friday!

Im so relieved this is over!

Now were needing to check into advice on when we can purchase a house!
We have a family member who wants to purchase us a house, but not have her name on the papers. From what Ive heard and googled, It sounds like we cant have our names on the house papers for 3 years.

Anyone know more information about this?

[justbroke]

Now were needing to check into advice on when we can purchase a house! We have a family member who wants to purchase us a house, but not have her name on the papers. From what Ive heard and googled, It sounds like we cant have our names on the house papers for 3 years.

I don't know where you received that information. Just searching the internet, can lead to very bad advice and information. I don't even trust WikiPedia as its content is sometimes bad.

If you are looking to purchase a home, there are some FHA guidelines that read that 3 or so years must have elapsed since a foreclosure or a home was surrendered in bankruptcy.

I don't know not having your named even on the title of a home for 3 years after a discharge... in a Chapter 13 at that.

[killinstinct]

Congratulations! I love the fact you're already looking to the future as well...best of luck

[lrprn]

Woooo HOOOOOOOOOO!!! It's another.....(wait for it ).......

CHAPTER 13 DISCHARGE PARTY!!

So happy for you! Congratulations on making it to the finish line!

[rrockinggramma]

I was discharged on March 3, 2009 and applied for a mortgage (USDA, FHA) on March 4. You can apply right away after a chapter 13. No waiting period as for a chapter 7. USDA is no downpayment but you have to meet the criteria which is rural area and income quidelines. It was great for me.

I closed May 8, 2009 and love my new place. You can do it. FHA requires reserves and 3.5 percent down payment and if you did foreclose or walk away from your home the waiting period is 3 years from the date the house went into foreclosure

[AngelinaCat]

CONGRATULATIONS!!!! I can't answer your housing question but I CAN offer our celebratory Victory Dance! Here you go:

http://video.google.com/videoplay?docid=-3894301868978665655

[jjj117]

You can apply now, but if you can wait it can only help as long as you maintiain the credit that you have. Go over your credit report with a fine toothed comb also. My case just closed and I am awaiting discharge. There are several inaccuracies on my credit report from creditors that were in my 13. I was told by one that they will update my credit report once I am discharged. That is a car loan that I got during the 13 that says that I have never made a payment when in fact my account is current(the trustee had the wrong address for the loan companyand sent no payments for 6 months). I was able to get into a rent-to-own house from a family member. I have 2 years to get a mortgage with each rent payment coming off the principle for the house. I have a friend who did similar and got his mortgage about a year after discharge at a decent interest rate. Wait if you can, but of course that is not always possible.

[loveends1981]

Thanks Everyone!

We didnt lose our house we are in now. We bought this house in November 2005. The value of it is at $69,000. So not that much. We havnt ever missed a house payment, so we were lucky that we didnt lose the house in the bankruptsy. We filed for chapter 13.

Im just trying to figure out if my DH's grandma bought us a house, paid it off right away, paid with cash, would we be able to put our names on the house? What my DH's grandma wants us to do is have her buy us a house, move in, and then put our house up for sale. Sell our house, if we make any profit, we would hand it over to her. Then make monthly payments to her, like we would to a bank. But I think she is wanting our names on the house right after she purchases it.

Thats where I have to look into seeing if thats possible.

And also, if we can sell our house after filing for bankruptsy?

[justbroke]

And also, if we can sell our house after filing for bankruptsy?

You can do any of those things once your case is closed.

Justbroke's Phrase of the Day: Bankruptcy is not a life sentence.

[loveends1981]

Thank you Justbroke. Im just wanting to make sure Im on the right track with everything now. I'd hate to get some information turned around and be in a big mess!

[Nicollette]

Congratulations on your discharge!!

[atolar]

if your 13 was discharged, you are no longer under discharged rules. you are free!!

[liz417]

WhooooHoooo!!! Congrats!!!