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@webhopper, wow!! Amazing to see back on the forums again posting!!
Ch13 is tricky, and you're right the trustee could take the equity and pay towards your creditors, lowering the amount owed overall, and lessening your time left in the plan.
I would do the lease with purchase option personally, but then again, you have to get trustee approval to get the second loan, so questions may come up. He will want to make sure you can afford both payments. I would consult with your attorney regarding the sticky situation for expert advice, as Im sure he has seen this before over the years.
I'll ping a few extras for you too... @homeloanexpert , @ShanetheMortgageMan
Again, great to see....Dont be a stranger!!!
Sounds like would I would tell one of my clients. Because you are in BK Chapter 13, if you sell your home, you will most likely have to go back to 100% pay back of your debt. Coincidentally I had a client in the same situation as you a few months back. I ran her credit and as I expected, the majority of her tradelines showed as charged off. Meaning I as a Loan Officer, could disregard them. For any open collections, I had to hit her with a 5% payment of the reported balance. So at the advice of her Attorney, she decided to Dismiss his BK CH13. Once Dismissed she was free to sell her home and move forward an purchase another home and not have to payoff the creditors that had already written off the debt. Please note, that I am not recomending that you dismiss your BK, just telling her story.
NOTE: Please know, there is no waiting period on FHA, VA or USDA after a BK Chapter 13 Dismissal. But if dismissed within the most recent 12 months, I had to provide the Underwriter with a 12 month Trustee payment summary showing she had sucessfully made her payments on time.
Very cool thank you for the replies!!!
I received advice from my attorney, it is likely going to a 100% payback plan would allow me to sell one house and get approval to buy the other. I am going to go ahead and ask the attorney to run some numbers to find out what the payment will be on a 100% payback plan.
In the meantime I am just sitting tight waiting on an underwriter to finish underwriting.