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Just paying as agreed for 12 months will help - I would ask in the credit or BK 13 section as the people there may have more experience and be better able to advise on what else to do while in the BK
It sounds like you have done your home work and know that when you have 12 months as agreed and the courts permission you are eligible for financing
Good Luck with the plan
B
I filed a chapter 13 and was able to get my mortgage the day I was discharged. However, the mortgage companies will not look at you while you are in BK. But show up with a discharged chapter13 and you will be golden. A completed plan will help your score.
Also you will need to get the permission of the trustee before taking on debt. And if I am not mistaken you cannot get a mortgage until after 2 years of payments to a trustee. I am over a year discharged and just now planning on buying a home this year.
Per my experience one year of making payments will NOT bring you up to 620. That'll happen much later.
@granny031350 wrote:I filed a chapter 13 and was able to get my mortgage the day I was discharged. However, the mortgage companies will not look at you while you are in BK. But show up with a discharged chapter13 and you will be golden. A completed plan will help your score.
This is not true. There are mortgage companies out there that will follow the VA/FHA guidelines which says you just have to be 12 months into a ch 13 BK to be eligible.
We were discharged over 2 years ago from Chapter 13 and the three lenders I contacted for a home construcion loan all advised that in order to be considered for a loan, have to be at least 2 years since discharge. I am sure there are some places out there, just have to look around, might pay higher interest rates, but can always refinance down the line. You will definately need the trustee's permission on this. While you are in BK you cannot apply for any credit at all without the trustees permission. I wish you the best of luck.
Just speaking from my experience. Was told by our lawyer not to incur any new debt during Chap 13 and any changes would have to be run through trustee. It is possible there is a limit allowed, we just stayed low to the ground during our process and did not incur any new credit until we were discharged. BK forum might be helpful for the OP. Wonderful help through the process and afterwards.