Posted by Dave on March 21, 1999 at 16:59:33:
Hello…my wife and I filed Chapter 13 Bankruptcy about 1 &1/2 years ago. We are supposed to ask our trustee for permission before we acquire any new debt. We have about 18 months left before our BK is discharged. We have found a repo house that we want to make an offer on. The realtor tells me that the lender is going to take the highest offer by the end of March. The appraised value on the house is $128,000. It needs minor work such as interior paint, new kitchen vinyl,& carpets cleaned. Otherwise, it’s a beautiful home. I am thinking about offering $80,000 cash for the house. I would borrow the $80k plus from a private investor ($80k,10 yrs., 10%). I might work a deal where I pay payments on $40k and a balloon in 5 years on the other $40k. I could refinance in a couple of years and pay the investor off. I think this would be fairly easy to borrow on because it would only be 65% LTV. If my offer was accepted this could be a 0 down deal. My problem is that I don’t want to have to get permission from my BK trustee. I don’t want the Bankruptcy court looking at my creative deal and then turning it down. Any ideas on how we could buy without putting it in our names? What about ideas on this deal period? Thank You…