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Would I be able to get mortgage financing while in Chap 13?

I'm currently in Chap 13 since Sept. 2009. I relocated from GA to SC in May 2010 and was able to rent out my home to reliable tenants and have not had any issues with payment of my mortgage. I've since relocated back to GA for a position with my company, but would like to keep my tenants in place. Im leasing an apartment, but would like to purchase a foreclosure or short sale property within 6 to 10 months. I would like to get financing for 75K to 100K. Would I be able to get financing, while in Chap 13? Do I need to wait out until my bankruptcy is discharged in about 3 more years?
  • February 28 2012 - Decatur
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Answers (2)

Start with your local lender. You can find out from your bank or through local lender
  • February 29 2012
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Yes you can get certain types of mortgage financing.  This is a question best asked to a mortgage pro. There are some lenders who will work with you but will probably need lots of extra documentation, letters from the court, a good track record of payments on your credit report, just to name a few.  You can also try owner financing, or a lease purchase. In the meantime do your best not to try and get anymore credit cards or loans under your name, and try and save the most for your down payment.  
  • February 28 2012
  • 1Yes

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