My chapter 13 will be over sometime this year. I have an oppurtunity to buy some land that connects to mine. I was wondering what the chances are that I would be able to buy the land and get the financing for it. If anyone has ever done this or have any information that would be great. The price of the land is $40,000.
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With the mortgage market the way it is, it will be difficult to obtain financing for vacant land. That being said, perhaps you have small bank or credit union that would lend out of it's own portfolio and not have to re-sell the note.
You could also ask the land owner about a land contract. That is pretty much the norm now for those who are selling vacant land as financing is so hard to get.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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