Posted by Larry on March 26, 2001 at 08:57:32:
Excellent advice. The only sure-fire solution to recover from a Chap13 or a mismanaged credit situation is time.
Chapter 13 - Posted by Tom Ward
Posted by Tom Ward on March 25, 2001 at 11:48:22:
Is there a future for those who have filed Chapter 13? Can we use the training successfully by using the techniques? I haven’t purchased the program because of not knowing if I can invest in real estate because of the chapter 13. Please let me know. Thanks, Tom
Re: Chapter 13 - Posted by B.L.Renfrow
Posted by B.L.Renfrow on March 25, 2001 at 19:41:36:
If you filed Chapter 13 last month, you’re not going to walk into any bank tomorrow and get a loan to buy investment property – or anything else.
But there are plenty of ways to buy which don’t involving using bank loans. Do a little reading here on this site, and you’ll discover all kinds of creative ways to purchase real estate. You can buy subject-to, with a lease option, with owner financing, maybe with hard money, and the motivated sellers with whom you should be talking won’t give a hoot about your Chapter 13.
On the other hand, if your bankruptcy has been discharged for a couple years, and you have begun to rebuild your credit, you should be able to secure institutional financing…though you’ll pay a higher interest rate than a borrower with A credit.
BUT…make certain that whatever led you to filing Chapter 13 has been ADDRESSED before you make another move. If it was a one-time thing, like uninsured medical bills, job loss, divorce, etc. that’s one thing, but if it was a pattern of poor decisions and uncontrolled spending which led to your downfall, you MUST be sure you’ve CORRECTED the problem, or you’ll be headed right back to bankruptcy court in the future.
Brian (NY)