Expert: liznarr - 7/17/2006

Question
Hi. Me and my husband are currently in a chapter 13 bankruptcy. we owe approximately 9,000 remaining. we have a morgatage which was included current value possibly 56,000.Pay off amount possibly 39,000. Arreage left is about 3000 to be current. We both have full time  jobs. we have 4 children. We have out grown our house and it is in desperate need of repairs. Is there any  one out there that would take a gamble on us with our credit the way it is and give us a loan to 1 buy a different house and 2 possibly keep this one after paying off the bankruptcy to rent out? I really need some creative advise...I am willing to try anything..Thanks for any help in advance...Sincerely Mrs.Kim Moore

Answer
Hi Kim,

I am sorry to learn that your circumstances are such that you had to file for Chapter 13 Bankruptcy.

I believe your question would better be directed to a mortgage lender as opposed to a real estate agent.   Since I really know very little about bankruptcy, you may also want to check first with your bankruptcy Trustee to ask if what you are considering is allowable.

I’m trying to think outside the box now, but if your house is in desperate need of repairs, have you considered contacting any local charities or churches to see if anyone could or would be willing to help you with repairs …or adding on another room?

Good luck to you, and I hope you are able to work something out.

Regards,
Elizabeth Narr