Home Equity and Refinancing

Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.

10,382 Questions
Loans
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Estates
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Can the executor assume the mortgage of the deceased?

The executor must discuss that with the lender. If the executor is going to inherit the property the lender may agree to allow an assumption of the mortgage.

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Debt and Bankruptcy
Mortgages
Home Equity and Refinancing

Can you refinance after bankruptcy?

Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure. When entering into a plan the debtor, usually has no exit plan other than paying the 5 or 3 year plan (contingent upon median income). The debtor can refinance after 36 months (all unsecured claims become dis-chargeable debt) and discharge the bankruptcy immediately. This saves the borrower 2 years on their credit report. After refinancing, the BK 6 months out/discharged Fannie Mae will issue approvals. A bankrupt borrower can easily be transformed to an AA+ 680-720 FICO borrower yielding rates in the range of 6.25-7.00 after doing a loan to discharge the bankruptcy.

In a dismissed bankruptcy a foreclosure bailout out loan can be arranged. This topic was discussed in a previous article I published in ezinearticles.com When a debtor is dismissed from his/her bankruptcy the mortgage ALONE can be refinanced and a Chapter 7 can be employed. When filing a Chapter 7 the mortgage must be refinanced first. I arrange foreclosure bailouts for people more frequently than previous years. When trustee or mortgage payments are missed the bank will make a motion to lift the automatic stay. This leaves the borrower exposed to foreclosure until the mortgage is refinanced. If the borrower meets the means test the non mortgage/secured debts can be discharged under a Chapter 7 Bankruptcy. The "means test" is when the court determines a debtors filing to be abuse of the system. Abuse is presumed if the aggregate current monthly income over 5 years, net of certain statutorily allowed expenses is more than $10K or is 25% of the debtors unsecured debts, as long as the amount is $6,000. The debtor can rebut this guideline with mitigating circumstances. A dismissal from a bankruptcy has been viewed by the court as mitigating circumstances.

When the payments to your trustee are not perfect you can still get out of your bankruptcy. If the debtor has filed multiple Bankruptcies it is important for debtor to know what claims are listed in schedule D & F (secured and unsecured claims) Often times when multiple liens are present the attorney will file an avoidance on a lien. This means the borrower is not required to pay the lien back. However, all too often title searches find liens that were never discussed or filed. Liens that maybe very old.

An unscheduled debt most of the time will not be discharged with a BK payoff because the claim was omitted or an avoidance was never filed. This is a common omission/oversight that can (depending on the amount of the claim) present a problem for a borrower who may not have enough equity to cover the lien.This is where having a through attorney pays off, you most likely wont have to deal with this predicament. Often times I can negotiate these debts down if they are addressed ahead of time.

Yes. You may have trouble finding a lender, but it is possible. If you refinance before your 37th month of bankruptcy, then you will be responsible for repaying the unsecured debt that you filed for. If you can hold out till the 37th month you can refinance and not be held responsible for that back debt. You can have the lender refinance all of your current debt, this includes your filed bankruptcy that your currently paying on through your trustee and the unsecured debt that you had discharged as well as new debt. (This advice was given by a lawyer that cleared one user's Chapter 13.)

Here is more input and advice from others:

  • You can refinance with an FHA mortgage one year after filing a Ch. 13 and showing proof that you were paying your Trustee Payments AND Mortgage Payments each month (be careful that you don't confuse being CURRENT with paying ON TIME).
  • 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 am a loan agent in California and yes, you can refinance after chapter 13 or during 13 and one day after 13 or 7. A low Fico should be OK. You will need a specialized broker who understands how to do navigate this problem.
  • Be careful. Each situation is different in the bankruptcy refi world. People can be refinanced at anytime before, during or after 13 and the day after 7. There is a thing called BK avoidance loans as well.
  • I am a Sr. Loan Consultant in NY. There are other contributing factors but you can surely refinance even a day after you file. Your FICO score will determine your eligibility your Loan To Value has to be below 70% though.
  • You can refinance after or during a bankruptcy or foreclosure at any time.
  • The answer is Yes you can refinance after a bankruptcy. How soon after? This answer depends on the loan company. Some loan products does not allow bankruptcies while there are other products that allow a bankruptcy discharge up to the day prior to funding. Having a bankruptcy within the past 2 years usually means that you will be categorized as a subprime borrower, meaning higher interest rates and higher loan costs. I know this personally because I work for the #1 online mortgage lender in the country. Also, I run two credit related websites that deal with bad credit.
  • You can refinance during or after your ch 13 and 7 BK's with a sub prime mortgage lender. I am a sub prime mortgage lender who specializes with people who are in Foreclosure and/or Bankruptcies with low credit scores who have at least 30% equity in their home.
  • Yes, if your current bankruptcy attorney is not aware of how to refinance you out of your bankruptcy, talk to another attorney.
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Mortgages
Home Equity and Refinancing
Home Buying

What questions should a first-time home buyer ask during the open houses or home showings?

Buying a home can be a daunting experience. Here is some advice from Answers.com contributors on what to ask/do during home showings:
  • You can ask whatever you want, but they don't necessarily have to tell you the truth. Open Houses are a great way to see a house, not a great way to get info on it. Remember that in most states the real estate agent at an open house works for the seller. Usually you have the right to be represented by your own agent, and that's the person you should direct your questions to. It doesn't cost any more. Your agent has a reason to give you accurate information and help you find a good house.
  • First of all, you need to talk to at least 3 mortgage companies BEFORE you start looking for houses to discuss rates and estimated payments. It's always better to have an idea of what you can afford. There are also online payment estimators. In my experience, banks will preapprove you for more than you can really afford once you add in insurance and taxes. While it's fun to go look at million dollar homes, it will do nothing but frustrate you if you can't get a loan for even a quarter million dollar home. Yes, an agent can contact a mortgage company for you. Banks and credit unions usually have lower fees and commissions, though.
  • You should ask the sellers any and all questions that you may have regarding the foundation and any problems with the house. Ask about anything that concerns you but remember that unless you put it in writing as part of your offer the answer is not legally binding upon the seller. If the seller completes a seller's property condition report then you should have it written into the offer that the seller's property condition report survives the closing of the purchase & sale.
  • Ask the seller: What do you like most about the property and what do you like least about the property? Sellers will almost always lie when responding to this question, and it will give you a feel that there are issues relating to the property that the seller is concealing. Sometimes the seller give you a totally honest answer and even tell you what he or she don't like with the property. TRY to listen carefully to the seller, because sellers like to talk a lot about their property and in the process disclose more information than their broker would like them to.
  • Go into all closets and cabinets and look up at the sealing for fresh paint or brown spots, which is evidence of roof leaks. Flush toilets and turn on faucets which will reveal evidence of plumbing or septic issues etc.
  • After going through two property buying experiences I discovered that it is pretty difficult to find Realtors and Mortgage Brokers that are truly looking out for your well being 100%. Problems, such as city liens and delinquent personal property tax (missed by a title search) that a Realtor should know and address or informed us about, we found out a month or close to a year after owning the property.
  • An open house is more or less for the agent to gather leads. When you are shown a house and it is not YOUR agent be aware as with the above answer that they are not looking out for your best interest. It is always best to find a buyer agent. They will look out for your best interest. They will remember anything you say about how much you are preapproved for.
  • DO NOT CALL every agent listed on each house you are interested in looking at. Real Estate agents work on commission only. It is a waste of your time and theirs to come out to show you a house and then you sign with another agent. Yes, the agents are paid after closing, and the check given to their broker for their cut. Many people in the general public don't realize this. Would you want to work for nothing?
  • I highly recommend getting a buyer agent to show you any homes you are interested in. They may also help search for homes that fit your needs. The agent will ask you questions, talk with your mortgage company and get the seller's disclosure for you. If you are a first time home buyer, there are many advantages to having someone guide you through it. Once you have an agent and you want to go to an open house, take the opportunity to do it. Be sure you tell the agent holding the open house that you do have an agent and will be calling them if you like it.
  • You should find yourself a buyers agent to solely represent your interests, get referrals to 2 or 3 lenders and arrange your loan. Then have your agent search for property that matches the properties in your price range. Alternatively, you can research homes on the Internet for your agent to arrange visits to. It's a good idea to always use your agent to communicate to the sellers agent or to the seller. Don't go to an open house and express your interests to the other agent, they will want you to use their services. And when one agent represents both the buyer and seller there is an obvious fiduciary conflict on who the agent should be more loyal to.
  • Although one might be scared by the thought of a fiduciary conflict, the issues of conflict in representing both the seller and buyer on a price negotiation is worse. Also, if you do not have a buyer's agent giving you detailed advice on what has sold in the area in similar properties, you may overpay, not realizing the home is overpriced.
  • In Massachusetts, and perhaps other states, the agent holding the open house is working for the seller. If you ask that person to help you with the process and write up the offer, that person is still working for the seller, and is only assisting you with it, but does not represent you. Only if you sign something saying that person is your buyer's agent does that person work for you. In Massachusetts, if they are working for both, they are a dual agent. If the person helping you is a seller's agent, he/she can tell the seller any information about you that you tell, including personal and financial info, and that can be to your disadvantage in negotiations, and that person's purpose is to get the most money out of you to give to the seller. If you already have a buyer's agent and you enter an open house, put your agent's name on the sign in sheet, and perhaps give the agent the card of your buyer's agent. If you wish to make an offer, the seller's agent can then cooperate with your buyer's agent. The commission percentage is decided when the seller lists the property. If the seller's agent also handles the offer, the seller's company gets the whole commission. It is not less because it is handled by one company. If there is a buyer agent, the commission, same amount, gets divided between the two companies.
  • I would ask: when was the gas boiler last serviced and has it been regularly serviced tested, if there are trees overhanging the gardens, fences and gates, who is responsible for maintenance and pruning, look at the exterior gutters and fashia boards - when were these painted if at all, how old is the gas fired boiler, and consider if it may need replacing, if there have been replacement double glaze windows, are these still under guarantee.
  • The first thing you should ask when you are going to buy your own house or property and also you are just a first time home buyer is about the safety of the place, then next ask if the house already undergone on home inspection, then you need to ask also about the possible calamities that the house already experienced and of course do not forget to ask about the contract and price whenever you are decided to get the place.
  • If you are looking at a distressed home (repossessed or short sale) ask for an amount of repair money to be included to cover electrical, water heater, furnace, stove and roof deficiencies. Otherwise once the offer is accepted, you may be in a bind if your mortgage company will not give you a loan if the house has appraisal issues and the bank or FNMA will not repair them. Really, this is not for cosmetic issues, but rather house systems.
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Home Equity and Refinancing
Foreclosure
The Difference Between

How does a home equity line of credit work?

Home Equity Lines of CreditA home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their line of credit only for major items such as education, home improvements, or medical bills and not for day-to-day expenses.

With a home equity line, you will be approved for a specific amount of credit, your credit limit, the maximum amount you may borrow at any one time under the plan. Many lenders set the limit on a home equity line by taking a percentage (say, 75 percent) of the home's appraised value and subtracting from that the balance owed on the existing mortgage.

In determining your actual limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history.

Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this "draw period," you may be allowed to renew the line of credit. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the "repayment period"), for example, 10 years.

Once approved for a home equity line of credit, you will most likely be able to borrow up to your limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line.

There may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up.

In A Nutshell-- Example: You bought your home 11 years ago-- so far you have paid a total amount of $56,000 toward the contract loan amount given to you by your initial bank-- You now have $56,000 in Built-UP equity that you can borrow against-- from either the same bank that gave you the initial loan to purchase the home in the first place or from another different bank. You have an invested $56,000 in the home and the bank knows that you will not want to falter and take the chance on losing the home after you have already put soo much money into it. An so if you want to take out a loan from the same bank or a different bank they will most likely welcome you and issue you a Home Equity Line of Credit Loan as long as you Promise BY Contract that if they give you a loan against your built-up equity you will give up your investment portion of the home if you falter on the payments. If you do this with your initial bank the bank could give you an extended mortgage contract against your first mortgage contract making your payments slightly higher and adding more time for you to pay the amount owed-- if you do this using a second bank you will likely be be faced with a second mortgage.

I ACCEPT CONSTRUCTIVE CRITICIZM -- Please feel free to add to thisinformatin

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Home Equity and Refinancing
Fishing

Can you use ham for fish bait?

No

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Loans
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Money Management

You have 50000 for down-payment and you want to borrow 250000 from bank.current mortgage interest rate is 6 percent . If you equal monthly payments for 15 years how much will monthly mortgage be?

An amortization table would give you the answer. If this is a real life situation and you are in the US you would be getting screwed at this rate of interest.

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Personal Finance
Home Equity and Refinancing
Money Management

Can you waive the three day rescission period when you refinance your loan with the same creditor who holds your loan and you do not borrow any additional funds?

The law varies from location to location. However, in practice: why on Earth would you want to? A recsission period allows you to void the contract, it doesn't require you to; in terms of net effect, the difference between waiving the rescission period and simply not using it is nil.

If you've already agreed to waive a rescission period and are now wondering if you can still get out of the contract ... contact a lawyer in your area.

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Home Equity and Refinancing
Chipmunks and Squirrels

What bait do you use to catch a Squirrel?

Any seed, bread, or nut will do. Peanut butter is easy to spread and will give off a strong scent.

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Mortgages
Home Equity and Refinancing

Can a wife sign a rental agreement in her husband name?

Not unless she is his attorney in fact under a power of attorney.

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Home Equity and Refinancing
Entertainment & Arts

What is the name of the singer of the Hud Hud Dabang song?

Sukhwinder Singh, Wajid

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Loans
Mortgages
Home Equity and Refinancing
Foreclosure
Money Management

What guarantees may a mortgage company insist on?

Lenders can require a variety of conditions such as:

  • that you live on the property
  • that you pay your property taxes to the lender so it can make certain they are paid
  • that you not make changes to the title without notifying the lender
  • that if you breach your agreement the lender can accelerate the loan payment
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Home Equity and Refinancing
Liens
Deeds and Ownership

Is Alabama a lien theory or title theory state?

Alabama is a title theory state. See links below.

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Home Equity and Refinancing
Liens
Deeds and Ownership

How soon can you sell your house after buying it?

You can sell as soon as you take title: immediately.

You can actually sell it before you take title. It's called simultaneous closing. At title signing, the property would be signed over to your buyer instead of you. This may not work if you have purchased the house with a standard loan. There are usually prepayment penalties on such loans. Of course, if you're doing this kind of flip, you probably haven't approached a common lender.

The title would be signed and the monies dispersed to the proper parties during closing. You never even have to take possession of the property. (Check your state laws for any restrictions)

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Loans
Mortgages
Home Equity and Refinancing

Loss draft dept for BAC home loan servicing?

PO Box 961206

Ft Worth TX 76161

309310311
Mortgages
Home Equity and Refinancing
Liens

How do you get Tax lien leads for a reasonable price or by contract or for free?

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Home Equity and Refinancing
Estates
Deeds and Ownership

My father died without a will and I inherited his property. His estate was not probated. Do I have legal title?

The property is still in your father's estate and his estate must be probated. You are not the legal owner.

In order for title to real property to pass to the heirs-at-law in an intestate estate (no Will) or under the terms of a Will, the estate must be probated. Title is passed to the heirs by the probate process. You cannot "title" the property in your name until the estate has been probated. You cannot sell or mortgage the property until the estate has been probated. Until you probate the estate you only have what is called equitable title.

You should consult with an attorney who specializes in probate who can review your situation and explain your options.

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Credit and Debit Cards
Loans
Mortgages
Home Equity and Refinancing
Debt Consolidation
Money Management

Is a timeshare a mortgage debt or a consumer debt?

A timeshare is a consumer debt. A mortgage is a document that pledges a piece of real estate to the bank in the event the loan is not repaid. When you buy a timeshare, you do not actually have any rights to the physical property, even after you've paid your loan and all associated fees. You have simply prepaid a property owner for the use of the property for a certain length of time. Another way to think of a timeshare is as a prepaid rental that can frequently be exchanged to time in another location, or another time of year.

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Home Equity and Refinancing
Care of Horses
Human and Animal Interaction
Rodeo Events

How much is the average roping arena cost?

If you already own the land much cheaper. But for a good sized arena with chutes for horses and cattle will probably run between $10,000 and $15,000. Maybe a little less if you can do some of the construction yourself.

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Business & Finance
Loans
Mortgages
Home Equity and Refinancing
Money Management
The Difference Between

What is difference between mortgage and hypothecation?

Hypothecation is to pledge personal property, or a ship, as security for a debt without transferring possession or title.

A mortgage is a loan secured by real property. A person who grants a mortgage either transfers title to the lender or permits a voluntary lien on the property. Hypothecation Last modified on 24 May 2012 at 18:11

A Hypothecation is a charge, which is resorted to by the borrower, where transfer of possession of property from the borrower to the banker or creditor is either impracticable or inconveinient. In other words, the borrower retains the ownership of the security or collateral pledged to the banker. Possession remains witht the borrower, but the ownership of the property remains with the banker till the loan is closed in full.

For example, when a borrower takes a bank loan to purchase a laptop or colour TV, an equitable charge, known as hypothecation, is created in favour of the banker. Here, though the possession of the laptop and the TV will be with the borrower, the ownership remains with the banker till the entire loan is closed. In other words, it is "hypothetically" controlled by the banker or creditor who has the right to seize possession of the goods secured to him when the borrower defaults in making payment of the loan.

A mortgage is the transfer of interest in a specific immovable property by one person to another for the purpose of securing a loan or advance of money. The person who transfers the interest in a specific immovable property is known as the mortgagor and the person to whom it is transferred is called the mortgagee. The instrument or the note through which the mortgage is effected is called mortgage deed.

The main point to be noted is that, in a mortgage, the mortgaged property is not transferred to the mortgagee. It usually remains with the borrower or mortgagor. Only interest in the mortgaged property is transferred from the mortgagor (borrower) to the mortgagee (the banker).

On repayment of the loan, the interest in the property is re-transferred to the mortgagor (borrower). However, when the borrower fails to repay the loan dues, the mortgagee (banker) gets the right to sell the property and recover his loan dues from the sale proceeds of the property.

The differences between a hypothecation and a mortgage is as follows:

1. A Hypothecation refers to a movable property, whereas a mortgage generally refers to an immovable property.

2. A hypothecation can be created without executing a document. But for creating a mortgage, documents have to be executed.

3. In a hypothecation legal interest is not transferred to the creditor (banker) whereas, in a mortgage, legal interest in the mortgaged property is transferred to the creditor (banker).

M.J. SUBRAMANYAM, XCHANGING, BANGALORE

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Home Equity and Refinancing
United Arab Emirates
Oceans and Seas
Abu Dhabi

What is the name of the sea in abu dhabi?

Abu Dhabi has a coastline on the Persian Gulf which is part of the Indian Ocean.

281282283
Mortgages
Home Equity and Refinancing
Money Management

How soon can you refinance your mortgage?

You can refinance as soon as a lender is willing to offer you a loan. The guidelines that lenders follow change almost daily. Most banks require seasoning of at least 12 months before you can refinance a mortgage. Here is more input: * I am a Realtor, and I have researched this question for several investor clients in the past few months. From what I've found, most mortgage plans won't allow you to refi for at least 12 months. Although, some will allow it as soon as six months down the road. This is to prevent investor types from financing homes, fixing them up and refinancing them for the new, higher, value in order to pay off the initial mortgage and cover all repair expenses with the refi amount. As a "standard" live-in, residential home, you suffer from the same laws in this case. The best way to prevent paying too high an interest rate is to solicit the services of several, competing mortgage brokers up front. If you get a "quote sheet" from the first lender you speak with, you can take that quote to other lenders and they will, almost every time, offer you a lower rate. They want you to believe the rate they quoted you is the best one available, but that's hardly ever the case. You must do your research and get them into competition with one another to get the best rate you can. * I work with sub-prime banks that will do a refinance even 1 day after funding. * As a footnote this is very important most states have what's called 3 days of rescission. Your broker is supposed to explain this to you. Basically you are allowed to rescind on the loan up to 3 business days after closing. This is to protect the borrower in a case such as yours who may sign under duress. Many lenders and brokers pull what is known as a bait and switch. They promise you a low rate and then at the closing table the rate is considerably higher and many people sign because they have invested so much time or they are pressured into it. So they do have the right to rescind even after closing.

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Fashion Design
Home Equity and Refinancing
Industries and Professions

What is the size of the headwear industry?

All together there were some 17,000 people employed in this industry (14,000 of whom were production workers).

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Mortgages
Home Equity and Refinancing
Bankruptcy Law

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.
292293294
Mortgages
Home Equity and Refinancing
Home Buying

What fees are included with closing costs?

Usually closing cost will include origination fees, discount points, lenders fees, escrow fees, credit report cost, title insurance fees, title search fees, flood certificate, notary fees. Other closing costs include title insurance, courier fees, wire fees, and mortgage and deed taxes as well as recording costs.

Recurring Costs- Fees that will be charged on a regular basis after you've bought your home. These are not actual "closing costs"; even though you will actually be paying them at the time of closing.

  1. Fire insurance
  2. Flood insurance
  3. Property taxes
  4. Mutual or private mortgage insurance
  5. Prepaid interest

You might want to think in the area of about $1800- this amount will be added into your mortgage loan amount and so it will not come from your pocket at time of signing & closing but don't forget you still will be asked to put up an initial 10 % of the of the asking price ( to the bank issuing the mortgage loan)

Closing costs refer to the expenses associated with buying property. These settlement costs are fees paid by purchasers upon receipt of their loan from their banks and generally range between 2-7% of the total loan value. While a substantial portion of these costs is paid on the day of closing, some of these costs are almost always paid on an earlier date.

The Real Estate Procedures Closing Act (RESPA) requires that lenders and mortgage brokers give buyers a GOOD FAITH ESTIMATE of all loan-related expenses due at closing. However, these estimates do not guarantee actual mortgage closing costs.

The following charges are typically included in the total closing cost for a given real estate transaction:

1.Closing Costs to Obtain a Loan

2.Closing Costs Paid in Advance

3.Escrow Account Payments

4.Miscellaneous Closing Costs

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Debt and Bankruptcy
Home Equity and Refinancing
Bankruptcy Law

Can you rent out your home after filing chapter 13?

After the Chapter 13 plan is approved, whether the rental is included in the proposed plan or not. Until then the trustee holds all your assets in the bankruptcy estate. Once the plan is approved, you become the "debtor in possession" and can manage your property as long as you don't try anything illegal or that will harm the value of the property.

However, if you rent out your house, you will not be able to use the homestead exemption in the event your c 13 fails and you convert to a c 7 or have to file a c 7.

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