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Purchasing a home

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    Purchasing a home

    Buying a condo



    I would like to purchase a condo. My chapter 13 will be completed in August. I owe Approx $1000.00 on my plan. I know I have to get permission from the court. Does anyone know what my chances would be to purchase this before my plan is discharged. I paid my payment faithfully every month. Also while you are in your plan do you have a FICO score? Does anyone know how this works? Thanks

    Does anyone know the name of any lender who will work with you on getting a loan?
    I live in Ohio

    #2
    Pretty slim.

    How many months do you actually have to go

    Yes, you do have a FICO and you can rebuild credit while in an active 13. But if you only have $1,000 to go, probably easier to simply finish the plan and avoid the hassle of getting trustee approval and the hurdles of trying to get a mortgage approved while in active BK.

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      #3
      How do you rebuild credit while in a chapter 13? I have 2 months to go and then I'm done. When I'm done is there anyone out there that will give you a loan?

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        #4
        There are some kinds of credit cards you can get after a while in a chapter 13.
        Secured visa/mc, offered by various banks.
        If you bank with Wells Fargo you can add a secured visa for $25 annual fee.
        Orchard bank, unsecured but with a large annual fee.
        Kohls.
        Bill me later via ebay/paypal.
        Just to get an open tradeline on your credit report.
        The trouble with ch13 is that you come out the other side with "no recent credit history"
        filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

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          #5
          I filed a chapter 13 in August of last year. I applied for an Orchard credit card and was approved for $300. I use it to pay certain bills I know I have to pay monthly and every month I pay $300 on my credit card so that I don't have a balance. My score has actually jumped 100+ points after I filed. It could be because everything that was listed on my credit report was removed except for about two or three things that has included in bankruptcy. I want to get a house and was told I have to wait until it's been at least a year. The only problem I have is I don't have three tradelines. I'm thinking about getting a secured credit card so that I'll at least have two tradelines and then maybe they'll consider my cell phone payments or car insurance payments as the third.

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            #6
            I am currently working with a loan officer to buy a home. I have 4 months left on my chapter 13 my loan officer is timing the closing for after completion/discharge. I have Orchard (First Premier is another cc that is chapt 13 friendly). My loan officer told me to keep the limit below 50% of the limit and your score will rise quickly.
            Chapt. 13 Petition Filed 9/29/07
            Case Confirmed 12/10/07
            59 mos done 1 payment to go

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