Anyone with experience in buying a home while in ch. 13?

[nuffsaid]

I am currently going through the process of buying a home using my VA , and have got a great rate and deal, and am only waiting on the approval from teh court, kinda nervous of what they are going to say, i have not been late, and am going on my 4th year of 5. anyone with expereince please let me know. Thanks!

[papie]

I think this is one of those things that will entirely depend on your trustee.

Have you been through underwriting with the mortgage company yet? Even if they pre-approve you, you could run into issues when the loan goes to underwriting since you have an open Chapter 13. Underwriting is where all of the problems seem to arise.

[nuffsaid]

I think this is one of those things that will entirely depend on your trustee.

Have you been through underwriting with the mortgage company yet? Even if they pre-approve you, you could run into issues when the loan goes to underwriting since you have an open Chapter 13. Underwriting is where all of the problems seem to arise.

I have been...everything is contingent on the court ..my scores are all 690 and above

[footballfan]

I bought a house while in an active 13. Originally the trustee objected as the only secured debt in our plan was one vehicle, and the payments on that vehicle during the plan were not enough to pay off the vehicle. My attorney amended my plan so that we paid more toward the vehicle (so it would be paid off within our 60 month plan) and the trustee dropped their objection. This was in early year 4 of 5 year plan.

[nuffsaid]

I bought a house while in an active 13. Originally the trustee objected as the only secured debt in our plan was one vehicle, and the payments on that vehicle during the plan were not enough to pay off the vehicle. My attorney amended my plan so that we paid more toward the vehicle (so it would be paid off within our 60 month plan) and the trustee dropped their objection. This was in early year 4 of 5 year plan.

Thats the exact same thing that happend to me as well, as far as teh plan goes. I thought however once your plan is up, you just continue with your payments to whomever the secured debt was with...I have a crappy lawyer to...They catch an attitude when i call and ask questions...

[iwillriseabove]

I just posted on this!! Yes, we just closed on our house on 1/31 with a great rate and with FHA. We have 4 more months left in a 5 year plan. Our attorney guaranteed that as long as the new house payment was acceptable to our trustee, we would be approved, as there was no reason to object. We had to find the house, put down a contract on it, and then submit the contract to the trustee, along with updated financials showing that the payments were reasonable for our plan and we got an approval. Good luck! It will be fine!

[nuffsaid]

Nice...I went FHA first, but then got approved for VA with 3.74% so i will be going from 1079 a month in rent to 730, thats with all insurance and taxes....I spoke to the paralegal yesterday, and she pretty much said the same thing, that as long as my payment is less than what im paying or equal to, it should not be a problem. I got an email from the trustee saying that " The motion that was filed on 1/26 had to be noticed to all creditors and they were given 21 days to file a response" do they ever object??

[iwillriseabove]

Hmmm... I'm not sure about the creditor notification. We didn't get that. Ask your paralegal. I'm leaning toward the thought that the creditors would need a VERY valid objection for the trustee to object to the purchase on that basis.

[nuffsaid]

Well the only reason i knew about it is becaue i emailed the trustee directly, lol....otherwise i wold just be waiting. Everything is done on my end, 0 out of pocket, seller paying closing costs and a VA loan, i would think the trustee would think that is a good deal, i hate playing the waitng game...How long did you have to wait for approval?

[iwillriseabove]

Our paralegal had to have our motion filed 21 days prior to the docket date, which was 1/13. So, maybe that was where the 21 days for creditors came from?? But the 13th was the date that the judge approved our motion. THEN, our attorney had to draft the approved order and have the judge sign it. Now, I will say, our paralegal was less than timely about this. The last thing underwriting was waiting on was the approved order signed by the judge. I called our paralegal on the 23rd asking why we hadn't received it yet and was told that it hadn't been signed and she wasn't sure why. So, I called the trustee's office... Come to find out, she never even uploaded it to their system so that they COULD sign it!! When I let her know that I knew that, she uploaded it right away. My sister-in-law is an attorney and she advised me to get in contact with the court clerk. She said that they would be the biggest help and were really nice. Sure enough, that's how I got stuff done. The clerk pushed it in front of the judge THAT DAY and then called me back to let me know it was signed and entered in the system. And she was able to forward it to me. My paralegal didn't forward it to me until the day before I closed - KNOWING that I had needed it the week before, but not knowing that I already had it thanks to the clerk. I hope your attorney's office is more timely.

[nuffsaid]

Well we are suppose to close on the 23rd of this month, myrealto said we can probably push it back a week, so hopefully everything will be in place by then. I really hate to loose out on this house due to someone not putting forth the right action!