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    conce osborne's Avatar
    conce osborne Posts: 2, Reputation: 1
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    #1

    Jul 1, 2009, 07:40 PM
    I applied for a fha loan and was pre-approved and now they say I have to pay my bankr
    Can I borrow enough money to pay my bankruphcy off I've been approved for a loan to buy the house I rent
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Jul 1, 2009, 08:25 PM

    If they are saying you have to pay your bankruptcy off to get the loan then I would guess they would tell you the same thing if you try and borrow money for the bankruptcy.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 1, 2009, 08:50 PM

    First you don't pay bankruptcy off, a bankrutpcy is a discharge of either part ( chapter 13) or all ( chapter 7) of your debts.

    If you are in a chapter 13, you can not by law borrow any money for any purpose without the approval of the bankruptcy trustee.
    So if you are still in ( making payments) on the chapter 13, you could or should not have even applied for a house loan without approval of the court.

    Also you can't borrow money to pay it off, first since the court would not allow it, and because it is based on income to debt guidelines that are to be followed.
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