JPMorgan Proves Bond Deal Death in Jefferson County No Bar to New Business Bloomberg
JPMorgan Chase & Co. (JPM) ’s Charles LeCroy said the key to landing bond deals in Jefferson County, Alabama, was finding out whom to pay off. In one example, that meant a $2.6 million payment to Bill Blount, a local banker and longtime friend of County Commissioner Larry Langford .
“It’s a lot of money, but in the end it’s worth it on a billion-dollar deal,” LeCroy told a colleague in 2003, according to a complaint filed by the Securities and Exchange Commission.
That’s because in the $2.9-trillion market for state and local government debt, where 80 percent of all financings are negotiated in private, conflicts of interest prevail. While Langford and Blount are in jail, LeCroy is fighting an SEC action. JPMorgan, which provided most of the toxic debt that devastated Jefferson County, has suffered no loss of business as the nation’s third-largest underwriter of municipal bonds, according to data compiled by Bloomberg.
Just 21 months ago, JPMorgan agreed to a $722 million SEC settlement to end a case over secret payments to friends of Jefferson County commissioners. The financings arranged by JPMorgan, a package of floating-rate debt and derivatives, exposed taxpayers to the 2008 credit crisis and dealt a blow that may lead the county to approve the biggest U.S. municipal bankruptcy as soon as today.
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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
what mortgage can i use to refinance my home while in bankruptcy?
Me...I do both chp13 and chp7 If you have any questions you can email me at Johng@oldmerchants.com
Are there loan companies that will refinance your home while in bankruptcy?
Anything is possible but I would bet the company is going to want either court or trustee approval, which you are going to need anyway to take on more debt. Otherwise, mortgage lenders are going to want the bankruptcy discharged.
Don't even think about trying to get a loan without at least trustee approval or lying on a mortgage application because that will land you in trouble.
can you refinance a home while in bankruptcy?
During the course of a Ch. 13 bankruptcy repayment plan you may be able to refinance (no cash out) with court approval. It seems unlikely that this would be beneficial because you will pay a very high rate.
you will need to consolidate all your debts also.
The best program to 'buy out' or refinance out of a bankruptcy right now is the FHA program. Most of the others have very high interest rates and probably won't benefit you. Basic requirement of this is that you've been in the Ch. 13 at least a year with flawless pay history. You can pay off the chapter 13 with the proceeds or just do the house, just depends on what's the best deal for you.
Good luck!
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
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
programs in connecticute to help refinancing while in bankruptcy?
during our bankruptcy, we reconfirmed at a lower monthly intrest and lower payment. They were more than happy to do so, seeing how their only other option was to take a total loss on the loan.
can you refinance your home while in bankruptcy?
Very likely not, but mortgage lenders may have different policies and guidelines, so just go ahead and ask.
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
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