Buying property after chapter 7

[Anyone]

My husband and I filed for chapter 7, no asset. My mother- in- law wants to help us buy a house, she has money and she wants to loan us the money to pay for a small house or mobile home completely(no mortgage) will that effect our chapter 7? The chapter 7 has not but discharged, in fact we haven't had our 341 yet. When can we buy a house with out any issues with the chapter 7? She is not a US resident so she can not buy the house in her name, but she wants to loan us the money to pay for it, please help.

[newbie2]

Wait until after your bankruptcy case is discharged and closed.

[tobee43]

i agree...we just purchased a house...closed on feb 15.....and we waited......i agree with newbie, especially, if the house has to be put in your names, it will become an asset for you......be patient..i understand that's a bit difficult...however, the good news for you, is housing prices are being reported as of yesterday to decrease another 25%....hopefuly allowing you to buy a more for your money...that's on the "bright" side.

[Anyone]

Thank you both for the reply!

[chicagoannie]

Agree with all above - wait. And regarding the drop in home prices Tobee mentioned...I checked some data in my area yesterday and the homes around me dropped between $2K and $3K JUST LAST MONTH. 30 days and a several thousand dollar decrease - very sad for the homeowners but great opportunities for those who can buy.

P.S. You have a very nice MIL - treat her well !

[tobee43]

Agree with all above - wait. And regarding the drop in home prices Tobee mentioned...I checked some data in my area yesterday and the homes around me dropped between $2K and $3K JUST LAST MONTH. 30 days and a several thousand dollar decrease - very sad for the homeowners but great opportunities for those who can buy.

P.S. You have a very nice MIL - treat her well !

yes...i would have LOVE a MIL like that...it's so wonderful that she's helping when she can..

[Anyone]

yes...i would have LOVE a MIL like that...it's so wonderful that she's helping when she can..

I do too! And I try to treat her well, thank you all!

[SunshineGal]

My husband and I filed for chapter 7, no asset. My mother- in- law wants to help us buy a house, she has money and she wants to loan us the money to pay for a small house or mobile home completely(no mortgage) will that effect our chapter 7? The chapter 7 has not but discharged, in fact we haven't had our 341 yet. When can we buy a house with out any issues with the chapter 7? She is not a US resident so she can not buy the house in her name, but she wants to loan us the money to pay for it, please help.

Are you sure she can't put it in her name? Foreign Nationals buy houses all the time, it's just difficult to get financing on it.