Chapter 13

[Anonymous]

I have filed for chapter 13 in May of 2008.  I am currently paying 1100.00 a month to my plan.  I am also paying 2100.00 a month for rent.  I was wondering if I had to wait till my plan was paid up in 4 years or could I get financed for a home in the next year.

[krielly]

Providing you have made all payments on time to your trustee, the soonest you could hope to get a mortgage would be with an FHA Loan. You need to have a minimum of 2 years on time payments in your 13. (assuming you haven't had a previous foreclosure or given up a home in your BK). If you have, I believe its another year or so.

I do not believe conventional financing will even be possible for several more years.

All this being said, you would still need permission from your Chapt 13 Trustee before proceeding. Since you say you filed in 5/2008, the soonest possible time you could MAYBE qualify would be 5/2010.

K

[Anonymous]

Thanks so much...No I don't have any foreclosures...It just makes me sad that right now I can purchase a home for a really great price and probably pay less than 2100.00 a month.

[Anonymous]

I had paid my last payment number 60 to the trustee. I heard you need to keep paying until you get the discharge letter in the mail.  I feel that my plan was setup for 60 payments and feel that if I keep paying after 60 I am paying more into the plan then I agreed to.  I have emailed my attorney and haven't got a reply in a week.  I was awarded a 100% Disability compensation from the VA for Agent Orange exposure while I was in Viet Nam.  I wanted to be honest so I told my Attorney and was told I had to file a revised plan.  The Trustee took 90% and I had to pay my Attorney $ 750.00 to fill the revised plan.  Can someone tell me that I need to pay beyond the 60th payment?

Thank you

[Math_Rocks]

Hey, rich1947, your request for info should probably be in your own thread but welcome to these forums!

I am finishing up a 60 month Chapter 13 and based on all the information I have received, you MUST keep paying until you get your discharge. However, any payments made after the 60th should/will be refunded. For this reason, I have been telling myself that although our 60th payment is April, we will continue to pay until June or July. If we get our discharge sooner, great! But this way, I am mentally prepared that we need to go a few more months. I hope that helps!

MR

[Anonymous]

I made 2 extra 1100 dollar payments.
Got a check back for nearly 3k at the end.