Colli Real Estate

Can we buy home or investment property while under ch13?

We were mixed up in a Florida fraud mortgage deal through an out of state purchase. We decided to try and fight for our rights by contacting all the government agencies hoping to see some justice. We sent our proof documentation and complaints in and still nothing after almost one year. We received notices our case is being investigated, but how long does this take? We are on a ch13 payment plan. If we did a short sale could we buy else where if someone gave us a monetary gift to invest, or do we need to put our investment under another family members name?

The short answer is no. No lender will work with you until your BK has been discharged. And then it will be 2-5 years before they will loan you money.

THere are however, lenders that will loan you the money with a HIGH downpayment and HIGH rates.

Plus while you are in the BK, the court would have to sign off on any purchase.

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Tags:   crisis · foreclosure · fraud · meltdown · mortgageNo Comments