Can i buy foreclosed home for cash while i am going through chapter 13? Thanks?
I am currently going through chapter 13. Understand the foreclosed homes may have back-taxes, lien and other overheads. Was just curious if they will do a credit check if you are buying the property for few hundred in cash?
Posted June 28th, 2010 in Bankruptcy Q And A. Tagged: chapter 13, credit check, foreclosed homes, overheads.
Anything that is purchased while in a chapter 13 should be submitted to the trustee for approval. If you purchase something for cash, that will raise the question as to where you got the money and why you didn’t submit it to pay for the debts you have in the plan. Contact your bankrutpcy attorney that is handling your case. If you do purchase and don’t get the courts approval, you may face having your case dismissed. Good Luck!
June 28th, 2010 at 7:00 am