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Answered 2007-01-18 14:13:57

Yes, permission from the bankruptcy trustee/court is needed for any major financial transaction while participating in a chapter 13.

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How can you refinance your home for a lower interest rate while in a chapter 13 bankruptcy if you do not want to pay off the bankruptcy and do not want to 'cash out'?

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.


Am I legally allowed to refinance my home mortgage after filing bankruptcy?

You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.


Can you refinance before bankruptcy?

If a financial institution is willing to do so, but that depends on them knowing if you are filing bankruptcy or not. If they know, then your chances of a refinance are slim to nil.


Is it possible for one to refinance after filing for bankruptcy?

"It is possible to refinance after filing for bankruptcy. However, there must be a certain interval of time between refinancing and filing for bankruptcy that varies depending on the country you are filing in."


If you're in Chapter 13 but your 2nd home is excluded can you refinance it without alerting Bankruptcy Court?

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.


What should I know about bankruptcy and mortgage refinance?

You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.


Can your cosigner refinance your car without your permission?

No. As the one who originally took out the loan, they cannot refinance your car loan without your permission. The only thing they can do (and have to do) is to pay your payments if you default on the loan.


How does one refinance a home after a Chapter 13 bankruptcy?

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.


How soon after getting a bankruptcy discharged and getting an FHA refinance can you get another refinance?

You may refinance any time that the refinance improves your financial situation. If you are interested in a no obligation - free detailed analysis - of your situation, please contact me. I am an FHA specialist.


Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage is not included in the chapter 13?

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


How do you remove someone as a co-borrower on a mortgage?

Refinance the lending agreement without the person's being a participant.


How can one get refinance while in bankruptcy?

A person can refinance during bankruptcy by checking ones credit rate and talking with their attorney. Refinancing is not always possible and depends on the individuals circumstance and this course of action often damages the individuals credit rate.


Can you refinance your house while you are in a chapter 13 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.


Can you refinance during chapter 13?

While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.


What is bankruptcy refinancing?

Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.


If I file for bankruptcy can I still refinance my mortgage?

You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.


If you have filed bankruptcy and it has not been final for a year yet is it possible to get a new mortgage?

You can refinance even a day out of bankruptcy. Every situation is different but the main criteria are the type of bankruptcy, your credit score, amount of equity available, how you've paid your bills since the bankruptcy and time in bankruptcy.


If your chapter 7 bankruptcy was discharged six weeks ago what are your options for a refinance?

You can quite possibly refinance up to 80 percent of the value of your home and get some cashout with a decent rate.


Can you refinance and use the equity to pay off your bankruptcy?

All major financial transactions must be approved by the bankruptcy trustee. The request should be submitted in written form with all pertinent information included. Any major financial changes made without having received the permission from the trustee can result in the BK being dismissed with prejudice.


What are the factors involved in the judge approving a mortgage refinancing after a bankruptcy?

All you have to do is submit a request to refinance to the trustee. The lawyer stands nothing to gain. They would rather you refinance because they know they will get their money.


If you are dismissed from a chapter 13 and have your mortgage reinstated can you refinance your home?

You can refi a day out discharging of bankruptcy depending on the situation.


Where can one refinance with bankruptcy?

There are a number of institutions that offer information and aid in refinancing with bankruptcy. A local bank or credit union can offer assistance, as well as a number of online sources, such as FHA and Discover.


How soon after a bankruptcy was dismissed can you refinance?

* 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.


How can you get out of your chapter 13 bankruptcy faster?

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. 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.


Can you refinance your mortgage during bankrupcty?

No, you can't borrow any more $$$$ while you are in bankruptcy. Even on an existing loan. It is against the law.