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Old 08-02-2011, 11:33 AM
 
31 posts, read 61,761 times
Reputation: 25
Default Getting a mortgage during Chap 13 Repayment Plan (3 years in)

Can anyone recommend a mortgage agent/broker who can/knows how to work with the following?

It's insane to be renting @ $1150/mo when the house market is so bottomed out.

State is: Georgia (Atlanta area)
Filed in Oct 2008 - 5 year plan we are ahead of the payment schedule.
My house short sale closing was in April 09.
We are both VA qualified vets.
Our trustee will allow us up to $1150 for rent/PITI (we must request trustee approval prior to entering the contract - he approved an auto loan replacing another auto loan earlier this year)
We can have $5000 saved by the end of the year.
Household income $$85K or more.
Current Equifax score above 620.
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Old 08-05-2011, 12:49 PM
 
Location: New York
1,047 posts, read 1,888,268 times
Reputation: 646
.


Understand your on probation - you must obtain your trustee's consent to get any new credit, refinance, or the fact of a new mortgage.

You should carefully consider whether it really is a good financial move during this stage of your life. Why? Because the sub-prime loans you may qualify for. You would be subject to ridiculously High Interest Rates!!!

One thing I am going to recommend - get a copy of your credit report to check for old information and clean it up. I have seen 100's of credit reports having old, bad, outdated information, with this on your report, is like a "lead Weight", holding down any new on time payments, being reported on your report, prevent your score from raising.

I am going to recommend - since you are making extra money, is to pay more toward your debts (through the trustee), so you can finish and get your BK discharged earlier.





Point - you filed BK
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Old 08-10-2011, 08:27 AM
 
Location: Lending in all 50 states
155 posts, read 415,182 times
Reputation: 86
Quote:
Originally Posted by dunno View Post
Can anyone recommend a mortgage agent/broker who can/knows how to work with the following?

It's insane to be renting @ $1150/mo when the house market is so bottomed out.

State is: Georgia (Atlanta area)
Filed in Oct 2008 - 5 year plan we are ahead of the payment schedule.
My house short sale closing was in April 09.
We are both VA qualified vets.
Our trustee will allow us up to $1150 for rent/PITI (we must request trustee approval prior to entering the contract - he approved an auto loan replacing another auto loan earlier this year)
We can have $5000 saved by the end of the year.
Household income $$85K or more.
Current Equifax score above 620.
Hi Dunno20285452,

I maybe able to help you get a VA mortgage.
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Old 08-11-2011, 10:59 AM
 
Location: Albuquerque
5,554 posts, read 8,815,419 times
Reputation: 2427
Quote:
Originally Posted by dunno
It's insane to be renting @ $1150/mo when
the house market is so bottomed out.
Part of the bankruptcy process is "doing time."

You are required to not be allowed to do the things that others ( who did not
make whatever mistake it was that you made that led you to that place ) can do.
It sux, but there it is. Everyone who goes bankrupt has to go through it.

Renting is not insane and there is no evidence that housing prices have
bottomed-out. Prices are just lower than they were six months ago. People have
been calling a bottom for years now and they have been consistently wrong.

Saving money like you are doing is the opposite of insane and you should keep it up.
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