Settlement offer on Investment property

[Bobacus]

I am currently in my 3rd year of a 5 yr plan of Chapter 13. I was able to modify my primary home mortgage but was unable to get a modification on rental property. But GMAC offered a "settlement" on the rental of $18,600 (mortgage $71,000 / tax value $61,000). My renters want to purchase the home but are unable to get financing. Any advice on how to handle this ?

Thanks.......

[AngelinaCatHub]

It is a good price, but if the renters cannot get financing, and you don't have the money, see if they will take payments on the settlement. Probably not. Are you paying anything within your C13? What a deal if you could pull it off. 'Hub

[lrprn]

If you haven't already, you need to contact your lawyer now and discuss this deal before doing anything with the offer. Your trustee will have to be notified about any financial transactions this size during your active Ch 13. You need to know what the impact to your Ch 13 is going to be before making decisions about how to best proceed.

[Bobacus]

Anyone have ideas of how I can get financing on the $18,600?

[biotechsolution]

Anyone have ideas of how I can get financing on the $18,600?

You can't unless the trustee approves. You need to contact the trustee first.