Re: Re: Refinance during Chapter 13

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Posted by: Cheryl on 10/22/04:

In Reply to: Re: Refinance during Chapter 13 posted by: debbie on October 21, 2004 at 22:12:49:

I am in the process of doing this right now. I think I'm on my 3rd company and it seems to be going smoothly right now. The lender had me fill out a form "permission to icur non-emergency debt" and then they sent it to the trustee. Within a week, I had received permission. Right now it looks like I'll get about a 6.25% rate which is better than I thought, with reasonable points. One company had outrageous points--about $16,000 worth. This company said it should be about $4,000 per $100,000. I am in Texas and am working with a company out of Dallas. I know there is a search on Yahoo somewhere down on the bottom right side that has today's homeloan rates, bad credit ok. You can put in your info and get back 4 possible lenders and they will contact you. I just kept trying until I found the right one. Good Luck!

: : Is it possible to try and refinance our 1st and 2nd mortgage while we are in Chapter 13? We have paid into our plan for 22 months now. Our plan is for 5 years. I was hoping to try and refinance our 1st and 2nd mortgage into 1 mortgage and to see if there was enough money to pay off our plan. Is this possible and does anyone out there no of any lenders willing to work with people in bankruptcy?

: there have been some brokers that have posted here and say it can be done but some have posted that it was like hitting a brick wall. If you get trustee permission etc, and if your payments are either less than what you are paying now or close to what you are paying now, it might be possible. Elmo might post on this one as he refinanced his way out of his chapter 13. Good luck!

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: I am in the process of doing this right now.  I think I'm on my 3rd company and it seems to be going smoothly right now.  The lender had me fill out a form "permission to icur non-emergency debt" and then they sent it to the trustee.  Within a week, I had received permission.  Right now it looks like I'll get about a 6.25% rate which is better than I thought, with reasonable points.  One company had outrageous points--about $16,000 worth.  This company said it should be about $4,000 per $100,000.  I am in Texas and am working with a company out of Dallas.  I know there is a search on Yahoo somewhere down on the bottom right side that has today's homeloan rates, bad credit ok.  You can put in your info and get back 4 possible lenders and they will contact you.  I just kept trying until I found the right one.  Good Luck!

: 
: : : Is it possible to try and refinance our 1st and 2nd mortgage while we are in Chapter 13? We have paid into our plan for 22 months now. Our plan is for 5 years. I was hoping to try and refinance our 1st and 2nd mortgage into 1 mortgage and to see if there was enough money to pay off our plan.  Is this possible and does anyone out there no of any lenders willing to work with people in bankruptcy?

: : there have been some brokers that have posted here and say it can be done but some have posted that it was like hitting a brick wall.  If you get trustee permission etc, and if your payments are either less than what you are paying now or close to what you are paying now, it might be possible.  Elmo might post on this one as he refinanced his way out of his chapter 13.  Good luck!





 


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