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If i file chapter 13 and loose my house because i still cannot afford to pay for my house. can i rent a house with chapter 13?

Asked over 2 years ago - Atlanta, GA

my husband and i filed chapter 13 and we have 2 houses. the bank is taking one because we used it as collateral. the house we kept mortgage is too high. we are now in financial stress because we are paying the trustees and we cannot afford to do both. i think we have to loose this house too. would we be able to rent a house while having a chapter 13 and how soon can we buy another house?

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Attorney answers (2)

Mark Hankins

Reputation Level 16

Answered over 2 years ago. Corporate / Incorporation Lawyer in Tampa, FL.

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You can rent a house with a Chapter 13.

You can buy another house as soon as your Chapter 13 plan is completed, however for a conforming mortgage you may need to wait 2 years. That would leave you with either a subprime lender or owner financing (potentially a lease-option too).

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Glen Edward Ashman

Reputation Level 16

Answered over 2 years ago. Chapter 13 Bankruptcy Attorney in Atlanta, GA.

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You paid your attorney a fee to represent you until your plan ends, so you should be asking your lawyer. Without court permission, you cannot buy a new home during the 13, and it will be a good while after before you will get decent terms. You probably can rent a home, but always run the numbers by your lawyer to make sure you won't harm your case.

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