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You are a first time home buyer currently in chapter 13 bankrupcty can you buy a house right now or do you have to wait until the chapter 13 is discharged?
Wiki User
∙ 16y ago
In most cases you have to wait until that chapter is discharged. New mortgage, new debt? Well, real tough - not impossible. Especially with the concerns over subprime lending in todays market (which you by being in BK more than likely would be under most any view). You would have to expect that you would pay a very high interest rate, likely making it something even people with stronger financials wouldn't consider.
Make sure you discuss anything your doing with the BK trustee. Entering into a refinance or any financial contract without his explicit approval will end BK protection, and is sometimes prosecuted as fraud. Certainly, if it means you would have less disposable income to use toward your outstanding debt, he would have rightful objections.
And consider....your in BK, presumably because you have more debt than you can pay, and you haven't been able to handle finances very well.....you cannot borrow you way out of debt, but even after clearing that in BK, you can sure find yourself in it again.
Wiki User
∙ 16y ago
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