0
How do you refinance your home to buy out your Chapter 13 bankruptcy before your payment plan term ends?
The first thing that needs to be done in a chapter 13 buyout is to get permission from your trustee to do a refinance. I have had trustee's turn down a refinance or a purchase and even though I could do the refinance for them, I couldn't without the trustees permission. The rest of the way it's done like a typical refinance just with more paperwork, you'd need a pay history and grading from the trustee, a payoff for the remaining balance on the chapter 13. Your rate is then based on your payment history with the chapter 13, your credit score, and how long it's been since you have filed. The more time since your filing date the higher percentage you can finance. In some cases I can obtain a 100% financing within 12 months from filing a chapter 13 depending on the payment history of your mortgage and credit score. Naturally the rates are not going to be that of an A+ borrower but they are not as bad as many people make them out to be. If you or anyone else has any questions regarding this subject or any other mortgage related subject please feel free to contact me.
Thank You,
Edward David
Sr. Loan Officer
347-254-8311
EdwardDavidNY@Yahoo.com
New HeadlineIf anyone has an FHA mortgage,you can do a steamline refi with fairly decent rates. They do not go by any credit scores. If you are in LA,FL or CA and need some help, please feel free to give me a call or check out my website www.JaredDaigle.com .Jared Daigle
Mortgage Consultant
888.989.2489 ext 13
What else can I help you with?
What lenders refinance while in a chapter 13 bankruptcy?
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.
How long before you make your first bankruptcy payment under chapter 13 once you have filed?
within 30 days, you actually have to make your plan payment before your plan is approved.
If you are in chapter 13 bankruptcy can you file for a voluntary dismissal to refinance your house?
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.
How long after bankruptcy do you have to wait before refinancing?
Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed. Generally, you are able to refinance 2yrs after a Chapter 7 discharge.If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
How long chapter 7 BK do you have to wait to refi?
After filing for Chapter 7 bankruptcy, there is a required waiting period before you can refinance again. Both Freddie Mac and Fannie Mae, require a waiting period of 4 years after the dismissal date.
How long must one wait to refinance after a Chapter 13 bankruptcy has been discharged?
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.
How long do you have to wait after declaring bankruptcy to get a mortgage?
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I work in conjunction with a mortgage broker who is able to get financing for people 12 months out of bankruptcy. I filed bankruptcy in august of 03 and here it is may of 04. I raised my credit scores higher than they were before i filed bankruptcy, but they are still too low. You will only get a mortgage for 70-80% (20-30%down) if you only wait a year. If you wait until it is discharged for 2 years, you will save a ton of money on the downpayment AND on interest. After you file bankruptcy, you need to write letters to everyone you were discharged, so they put on there that you have a zero balance. Keep track of all of this. It is very stressful, but it works. There are several sub-prime mortgage companies who will lend to borrowers one day out of bankruptcy (one day after your discharge).
Can you change a joint bank account with a parent before chapter 7 bankruptcy in ny state?
Yes you can change a joint bank account before a Chapter 7 bankruptcy. You should have your finances in order before you file a bankruptcy.
Is it possible for me to file for Chapter 7 bankruptcy before the 8-year waiting period has passed?
No, you cannot file for Chapter 7 bankruptcy before the 8-year waiting period has passed.
Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Can you file a chapter 7 bankruptcy before your divorce is finalized ca?
Yes.
Can you ask for a dismissal from 13 before your court date because you want to sell your home and settle you debt?
A debtor can voluntarily dismiss a Chapter 13 at anytime. Before you dismiss the case, you might consider the option of refinancing your home and taking some cash out to pay off the Chapter 13 plan early. For example, let's say you have 2 years left on your Chapter 13 plan and it calls for 30% payment to the unsecured creditors. If you can find a willing lender, some bankruptcy courts will let you refinance the property to prepay the remaining plan payments and still discharge 70% of the unsecured debt. You should check with a bankruptcy attorney in your area to see if this is possible for you.
