I am in my 4th year of a 5 year plan of chapter 13. I surrendered my home in 2008, but it didnt forclose until Oct 2011. How long do I have to wait before I can purchase again or get a mortgage again. They say I have to wait 2-3 years after discharge, but I read that you can even purchased while in Chapter 13. Was not my fault that it didn't forclose for 3 years, so why would I have to wait.
There is no set answer to your question. Lending standards and decisions are made according to whatever policies/requirements the individual lenders set. You may need to shop around to get approval or work with a reputable mortgage broker. If you do try for a new mortgage while you are in a Ch13 be aware that you will need to have court approval to incur the new debt and if there will be a negative impact on your unsecured creditors (meaning a reduced payout) as a result of your new mortgage, you are not likely to get approval. Once you complete your plan and receive your discharge, you will be free to get whatever mortgage you can get approved for. The delay by the company who held your first mortgage in foreclosing should not make a difference once you complete your plan and recive your discharge.
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You can purchase a home anytime you want. If you finance it, you need court approval until your case is done. Your problem will be with lender policies that may focus on the foreclosure. This is less of a problem if you go to a local bank or credit union where the decisions are made by people, not computer formulas.
It depends on when you can obtain financing. Nothing in the bankruptcy law prevents you from purchasing a home, but if you wish to finance the purchase before your Chapter 13 is complete, you will need court approval to borrow the money. The Court may be likely to grant approval if the payment on the loan is no more than the payments you are currently making for rent.
As an attorney, I cannot say when or whether a lender will finance a purchase of real estate. That would be a question best answered by submitting an application to various real estate lenders. if your previous real estate was financed by an FHA or VA loan, you may be on a blacklist and precluded from filing for several years. No one I know would ever claim that the mortgage financing system was made based on what is fair.
Hope this perspective helps!
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