You do not need perfect trustee payment history to be approved for a refinance of a Chapter 13. With a dismissed Chapter 13 I can go to 75% LTV Full Doc. The information I see proliferating on the internet is erroneous. If you have perfect payment history to your trustee this improves your LTV(loan to value) max. i.e. someone who never missed a trustee payment will have a max LTV cap of 90%, where someone who has missed payments will be downgraded to 80% LTV. The better the trustee payments, the better the interest rate, and options available. You Do not NEED a perfect pay history to your trustee to get a mortgage.I stress the fact that you can have 120+ unlimited lates and as long as you can document you income I can go to 75% LTV. Any loan officer that tells you that a loan can be wrapped up in 3-4 weeks in a state that requires a motion to be filed for post petition refinancing(Not all states require a motion, some states a trustees ok is all that is required) is lying. Motions to approve post petition refinancing are heard twice a month. Some motions are required to be filed in advance by 30 days I.E.Motions for stay relief etc... You need a loan officer that TRUELY knows what their talking about.
I am a loan agent, I can re-finance out of 13. You will not have had to be discharged out of 13 but you will need to have made your trustee payments on time. If you have done that so far, a specialized mortgage broker can refi you out of 13 with the proper lender connections and court tools. The best thing is that the lender will expect you to have a Low FICO score. I must tell you that most brokers do not handle these cases do to the degree of difficulty regarding Chapter 13 refinancing so be prepared.
When refinancing out of a chapter 13 you should expect the proceedure to take about 6 weeks. The first thing is permission from the courts. Contact your trustee and get "permission", a payoff and also a payment history of your payments to the trustee. The next thing to do is to request a payoff from your mortgage company. You do this by calling the customer service line and having the payoff MAILED AT NO CHARGE and also request a payment history. The only other things you really need are the normal loan application items. 2 years w-2's, 2 months of bank statments, and any other income documentation that you can provide such as child support, alimony, or any rental, annuity, or social security documentation. I am not a loan officer but have been in the business (banking/mortgage) for almost (oh my!) 20 years. I have gone throught this personally and help at least one or two people do these types of loans a month. I have a few places that are licensed in most states that I can refer "BK buyouts", so although I do not personally do the loans I have sources to people who are very good at whatthey do and will make process as "painless" as possible. Please feel free to email me or call me at my work number x135 and I will guide you in the right direction. Remember you do not have to be penalized for past mistakes or poor credit history forever and there is hope.
I have been a mortgage loan officer for over 10 years and I have helped many people refinance out of a chapter 13 during that time.
The process is really quite simple and depends mainly on equity in the subject property and a favorable payment history to the trustee. In most cases, I can get the refi wrapped up in as little a 4 weeks.
Please do not hesitate to contact me directly for further information.
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.
Yes. It certainly depends on how long you've been in the chapter 13. Most states say if you have been in the chapter 13 for more than 3 years, you will only have to pay back a percentage of the original balance of the bankruptcy. If you have been in the bankruptcy for less than 3 years, most states make you pay back the bankruptcy in full (100% of the original claims). If a creditor was included in your bankruptcy and they have been paid, you may refinance out of the bankruptcy without the creditors taking your money. Some things to keep in mind: in order to refinance, you have to be granted a "motion for post-petition financing" from the courts. This can take up to 2 months. Once that is granted, your refinance can be completed. Most people have an approval on their loan with a new mortgage company with the only stipulation being that the motion is granted by the court so that there is essentially no lag-time.
A person who wants to refinance their home needs to find a mortgage company to do so. The person will need to discuss options of their home, credit and bank information pertaining to the refinance.
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
It is possible to refinance an ARM. The options available vary by customer and their history with the mortgage company.
this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.
Bank Of America is currently the top mortgage refinance company, nationwide. Amongst local outfits, Somerset Mortgage Lenders are the most highly rated in New Jersey.
Great question for your BK attorney
Yes. It certainly depends on how long you've been in the chapter 13. Most states say if you have been in the chapter 13 for more than 3 years, you will only have to pay back a percentage of the original balance of the bankruptcy. If you have been in the bankruptcy for less than 3 years, most states make you pay back the bankruptcy in full (100% of the original claims). If a creditor was included in your bankruptcy and they have been paid, you may refinance out of the bankruptcy without the creditors taking your money. Some things to keep in mind: in order to refinance, you have to be granted a "motion for post-petition financing" from the courts. This can take up to 2 months. Once that is granted, your refinance can be completed. Most people have an approval on their loan with a new mortgage company with the only stipulation being that the motion is granted by the court so that there is essentially no lag-time.
A person who wants to refinance their home needs to find a mortgage company to do so. The person will need to discuss options of their home, credit and bank information pertaining to the refinance.
Bank of America is the most popular mortgage refinance company in South Dakota. Take advantage of low interest rates at www.bankofamerica.com
The rates to refinance a va mortgage loan varies. It depends on the mortgage company and the individual obtaining the mortgage. The rates for refinancing vary depending on a variety of factors. Your should talk to your mortgage company or a financial consultant to help in this endeavor.
You will need your deed to refinance your home. If you no longer have it, your mortgage company should be able to get it for you.
Check your current mortgage company or the state you live in website for information