Bankrupt, Underwater and Want to Refinance Fox Business
You do not clearly understand the options available to you. Or perhaps I should say the options not available to you. You ask whether it would be preferable to stay in the bankruptcy or try to refinance the mortgage. However, refinancing the mortgage is not an option. If any reader has ever been able to refinance his or her mortgage when the mortgage is upside down, please email me. I would be very interested to know which banks are being so generous. The lender has no incentive -- and all the risk -- when refinancing a loan where no equity exists.Besides equity in your home, lenders like to see that you are a stable and viable borrower before refinancing. However, you filed a bankruptcy right before the trustee sale of your home. A trustee sale is the result of foreclosure, which means you were not making your mortgage payments. Regardless of the reason you weren't paying, it would be a stretch to prove you're a stable loan candidate since you filed bankruptcy after not paying the mortgage for quite some time.
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www.chapter13banker.com Chapter 13 Bankruptcy information and ways to refinance without loan sharking or upfront fees. ... chapter 13 refinancing ...
does anyone know where you can obtain a Home Mortgage refinance while in a Chapter 13 Bankruptcy?
looking to refinance my mortgage I am currently in a chapter 13 bankruptcy have been paying my mortgage and the trustee on time
you would need to have no credit lates in the last 12months to do FHA.....
FHA also allows chapter 13buyouts
I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
I have been with the same mortgage company for almost four years. I started with an adjustable mortgage. After two years the rates and payments shot up. I modified with them to a two year fixed. This expires in August. Last November, I filed a Chapter 13 bankruptcy, which includes the mortgage. My attorney says to either work on another modification with the company I have, or to seek out a refinance somewhere else. Has anyone out there been in similar situations? What did you do? Any recommendations on a good company to go with?
I used "Credit Solution" to settle my debt and recover from bankruptcy.They managed to reduce my debt up to 58%.It's legitimate. I came across this company on NBC News Special Edition.Check it out here:
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Can I still refinance if I declare chapter 13 bankruptcy ?
I have a 420 fico credit score, but I am hoping that after the bankruptcy my score will go up and maybe then I can get a better
rate. Does this sound reasonable?
Yes, you can still refinance even if your in bankruptcy.
Many times this is part of the plan people inform the Trustee
about. Depending on your state however,you may need to get
the trustee and/or judge's permission.Just make sure you use
a mortgage broker and not a bank,as most banks won't do it.
I have refered some of my clients to http://fico400.com/
so far with positive results.
Be prepared! their rates with a 400 score are little higher
than bank rates but it may be worth to save your home and pay off your debt and after say 1 year of good payments you can refinance to a better rate. Best of Luck!!
make sure you restablish AS SOON as possible. Get secured credit cards or anything else you can get. Do this fast and make sure you have at least three open tradelines.
Lenders will loan one day out of bankruptcy but if your goal is to get lower rates your going to have to re-establish your credit swiftly and responsibly.
Get those trades open right after your discharged BK and you'll be alright in 12 months time and probably get lower rates.
In addition, dispute any incorrect information on your credit report on each of the credit respositories (Equifax, TransUnion and Experian). They have online websites to dispute online, but you will need to order a copy of your credit report. If you have any credit left, keep it current, it really helps.
Is there any way to refinance a house while making payments under a chapter 13 bankruptcy?
What are the best methods for improving your credit while under chapter 13?
In answer to your question yes you may refinance your property out of chapter 13 bankruptcy. I have done it several times for clients. You must have enough equity in your home to do this,but I know of some lenders will go as high as 80% LTV for your loan depending on your credit score.
Now keep in mind that once the loan is approved you must have the approval of the court, your attorney should be able to take care of that for you. Any debts not completely paid must be paid out of the refinance.
My suggestion for you is to call a local mortgage "Broker", Ask them if they are able to do a loan for you as you are presently in chapter 13 bankruptcy. Ask them if they specialize in Sub-prime and Alt "A" loans. If not keep calling until you find a broker that does. Anyone else you will be wasting your time.
You will need a months of pay stubs, w-2 forms and fed taxes for 2 years from each borrower. You will also need 6 months bank statements from from all savings and checking accounts to include any 401k programs each borrower might haveas well as a complete copy of yuour chaptere 13 bankruptcy. Once you have given these documents to your mortgage broker, complete a loan application he will then run a credit report to find out your credit score. Once the credit report has been acquired and he knows your credit score he can then find out what type of loan he can get for you.
Once your loan is approved you broker will tell your attorney when to go to court to end the bankruptcy, you must be out of bankruptcy one day.
In my experience the best loan for a preson in bankruptcy are called 3/27 or 2/28. Both these loans are ammortized for 30 years, the first number indicates the number of years these loans are fixed also there is a pre-payment penalty for paying them off before that time. After that they go to an adjustable loan. So you select the one you feel comfortable with. Whichever you select you have 2 or 3 years to get your credit in order. If you have paid your mortgage and consumer debt in a timely manner when you refinance you will get the best rate based on your credit score.
About 60-90 days before your loan hit the adjustable period contact your mortgage broker to refinance your loan to avoid the pre-payment and the loan going into an adjustable.
If you can not find anyone locally email me at loanmasterone@yahoo.com
I hope this has been of some use to you, good luck.
"FIGHT ON"
You may refinance your home, bk debts and cash out.
rondelu2002@yahoo.com
http://575nomoneydown.com
Are there any programs out there where I can refinance my home while in chapter 13 bankruptcy?
You can refinance your home only if you're planning on buying out the bankruptcy. There are usually rules that say you have to be in the chapter 13 for a year, but I know programs that will allow you to do it in less as long as you have the available equity. If you'd like a free no obligation analysis you can give me a call or go to my website and fill out an application.
-Adam
Chapter 13 Buy-Out and Refinance!?
Does anyone know where or If I can get a Chapter 13 Buy-Out and refinance for close to 100% LTV? Either FHA or Other?
your best bet you be to contact real estate finance companies and see if they have any available!!!
does anyone know of a lender who will refinance mortgage while in chapter 13?
i'm almost 2 yrs into chap 13 and have been advised that there are lenders out there who will refinance my home mortgage. I only want to refinance the mortgage, and not include the balance on the bankruptcy
Ask your bank. If they won't, ask them who will.
can you refinance a mortgage while under chapter 13 bankruptcy?
Yes. If you can find a lender that is willing to finance you while in a chapter 13 bk, you need to submit the paperwork to your attorney handling your chapter 13 case. They submit it to the courts for the trustee to approve. Any re-financing or financing of any kind while in a chapter 13 is the final say thru the trustee. Usual process takes about 30 days. So, if the lender is willing to re fi for you, advise them it could be at least 30 days as it takes at least that long to get the trustees approval. Good Luck!
Can I refinance ARM mortgage while in Chapter 13 bankruptcy, or you have to wait at least a year. Louisiana?
Wow. That last answer was bad.
You can refinance while you're in Bankruptcy but you must borrow enough to also settle the Bankruptcy. They call this a "Bankruptcy Buyout".
You can do this if you have enough equity in your home to borrow enough to cover your BK amount plus the amount you currently owe on your mortgage.
After you are out of the Bankruptcy, then you'll have to wait two years before you can get approved for conventional financing, but there are other options that may approve you right after you discharge.
I encourage you to study and learn about the mortgage process before you jump in. I have a mortgage blog where I explain the entire mortgage process at: http://explaintome.blogspot.com
If you are in Pennsylvania you can work with me directly. Check my site at: http://pamortgagereports.com
can you still refinance a house after you have filed chapter 13 bankruptcy?
I'm sure you COULD... but I wouldn't expect your interest rate to go down!