Apr
29
My husband and I just filed Chapter 13 about a year ago.we rent the house we want to buy,we have 5mnths 2 buy
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Our landlord in moving to Arizona and would like us to buy the house or he is going to put it up for sale..we need help and we need it fast…we have put alot of work into the home and feel that it is already ours..any help on lenders or if it is even possible with a chapter 13
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4 Comments
May 1st, 2010 at 9:53 pm
try a lease to own option if possible. your going to pay a very high rate to acquire the property if you filed less than two years ago.
May 3rd, 2010 at 10:08 am
No lender is going to loan to you in mid-chapter 13 bankruptcy.
Lenders will often buy you out of a Chapter 13 on a cashout refinance, but not on a purchase.
May 6th, 2010 at 1:47 am
Unfortunately, most lenders will require that you be at least 1 year out from the *discharge* of the mortgage.
The other answers are correct, if you need to take action quickly, your best course of action is to talk with the owner about a land contract or rent-to-own.
May 7th, 2010 at 4:30 am
It is generally unwise to put alot of work into a home you don’t own as the landlord is not required to compensate you for your efforts.
Ask your landlord if they would consider a lease option on the home. Typically lease options or rent to own works a few different ways. You can either rent the home where a portion of your rent is going to be reserved for a down payment, and at the end of the lease, you have essentially saved for the downpayment. Another option is to work on your credit. You lease for a year or two, enough time to resolve your credit issues, and at the end of the lease, you have the option to obtain your own financing (typically a traditional mortgage). But you have to be certain you are improving your credit during this lease, or you could be out of the home. Another possibility is that the owner carries the note for the entire term of the contract.
Whatever you decide, make sure you have a rock solid contract to protect the owner and your interests.