Does anyone know if I'd be able to rent out my primary residence during a chapter 13? I know I could rent out the place for about $200 short of the mortgage. I can rent a place for $300 less than I'm paying. Net difference +$100.
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Credit ain't Cash -
Not to butt in but I'd like to know as well. Would be exact same situation - new rent in new state about 400 less than mort, but would have to pay round 300 hundred to make up shortfall to existing mortgage from future renter. -
You can't incur new debt without trustee approval, and signing a lease on another home would be new debt. The trustee would probably allow it if it is for a relocation, etc, but if it is to save $100 per month expect that to be snatched up as "extra income" unless you have a nice trustee :-)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.Comment
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For me it would be a job relocation - for a new job.Comment
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