No, the second home is is not excluded. Everything you own is part of your bankruptcy estate and is the property of the bankruptcy trustee, including the second home. You would need court permission to refinance either of your properties. To do so you have to bring a motion requesting said permission and showing how the refiance would benefit your creditors over the plan you already proposed. As part of the motion you would have to propose an amended plan that includes the refinance. Since the property is not, due to the bankruptcy, owned by you, you shouldn't be able to refinance it. The tirle company should pick up on the bankruptcy and not allow the refiance. An alternative to getting court permission is to simply dismiss the chapter 13 case and do whatever you want. You have a right to have the case dismissed. You just need to submit the request to the court and wait for the judge to sign off on the dismissal order. I get the impression that you didn't list your second home in the bankruptcy (is that what you mean by "excluded?"). If so, you committed bankruptcy fraud and your bankruptcy case could be dismissed and charges can be filed by the US Trustee, part of the Justice Department. At best the trustee would want you to add the additional property to your papers. Adding the additional property would change your bankruptcy case (assets) and the plan you filed with the court that was determined by your assets and debts.
One can find a guide on how to refinance a home after a Chapter 13 bankruptcy on various websites like Homeguides and wikiHow. Both websites offer a great amount of information about all kinds of things, including bankruptcy.
While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
Here is the short answer.........No. No lender will allow this. Lenders want you to be out of Bankruptcy.This is what I do refinance people out of bankruptcy early or arrange refinancing so that my clients can avoid bankruptcy or forclosure altogether. that is what you must do in order to refi your mortgage regardless of the mortgage status with your bankruptcy plan
You can refi a day out discharging of bankruptcy depending on the situation.
Yes, permission from the bankruptcy trustee/court is needed for any major financial transaction while participating in a chapter 13.
You can quite possibly refinance up to 80 percent of the value of your home and get some cashout with a decent rate.
None, if you mean refinance a debt in the chapter 13. If your car dies, and you can find one that does not require a payment much more than you were paying before, you can probably get it approved by the trustee and the court.
* The usual length of time after a bk dismissal required to refinance is 24 months. There are different requirements with different lenders. Some specialize in assisting borrowers with bks. * It depends on the type of Bankruptcy you filed....Chapter 7 or 13. I have lendors that will offer financing one day out of a Chapter 13.
While participating in a chapter 13 the petitioner cannot refinance, sell, transfer or otherwise real property without receiving permission from the bankruptcy court/trustee to take the action. Therefore the issues cited are not relevant until/unless permission is granted.
Yes. If you have had 12 months of on time payments to the truste and your mortgage has been paid on time,While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
This question is incomplete. In most districts, you cannot incur new debt if you are a debtor in an active chapter 13 case. To refinance or incur any new debt, you have to obtain the consent of the Standing Chapter 13 Trustee in your case.
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
Such decisions as a rule are left to the bankruptcy court. Generally such action is not allowed as it would be viewed as favoritism to one creditor.
I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.
I assume you are talking about a chapter 13??? A chapter 13 you can do this after [ one year if you have paid on time for 12 months through FHA] However your new payment must equal your present PITI.
You can file a Chapter 7 bankruptcy.
No, it does not. But there may be a change in the law allowing a "cram down" of mortgages, as there used to be in bankruptcy.
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. This will require the approval of the bankruptcy trustee. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.
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.
Yes. Any creditor can petition the court to be excluded from a bankruptcy. It is up to the judge (sometimes the BK Trustee) to rule on whether or not the request will be granted.
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
With bankruptcy most banks will not take it into account after 2 years of discharge. Banks look more favorably on Chp. 13 than on Chp. 7's, I deal with many banks who will actually refinance before the 2 year period depending on the circumstances.