Combining 1st and 2nd after Chapter 13

[COrnguy]

I have a 1st thru CitiMortgage and a 2nd with CitiFinancial. My first is an interest only that will surely jump substantially this coming January.

I had my 341 meeting last week and everything seems to be on track and agreeable to the trustee according to the ammended plan due to added attorney fees regarding the foreclosure.

I am confident with changes in my lifestyle now that I have recently made, I could do a 20 year mortgage if I combined them and locked in a reasonable rate. Any lenders out there who might consider me? Up until 2.5 years ago, I had a 800+ credit score for decades. Just went through a divorce and severe depression that got me off track.

Thanks in advance.

[lrprn]

Any lenders out there who might consider me?

You need your trustee's permission first to start looking for ways to combine the loans. I wouldn't do anything to rock the boat until your plan is confirmed.

Honestly I don't think anyone you will want to deal with is going to present a bona fide loan offer since your Ch 13 is active and relatively new. The interest rate you will get is going to be outrageous.

A more realistic option may be for your lawyer to file amended plans when your mortgage payments go up significantly.

No matter what, before you do anything, discuss your thoughts with your lawyer. He/she will know how your trustee reacted to requests like this in the past plus also may be aware of lenders who won't try to screw you too badly.

[HHM]

Frankly, good luck. Being in a NEW, ACTIVE chapter 13 and the current TIGHT lending market, I'd be surprised if you found a loan that would be a better deal than what you have now. And if you don't have at least 10% "real" equity, no lender will touch you for a refi. Just be leery...as lrprn says, you would have to get permission from the trustee. I am sure the trustee would give it since it's a refinance and you are probably not going to pull cash out. But, I wouldn't get your hopes up or plan your financial future on your ability to get this refi.

[MTG_BANKER_OH]

I have a 1st thru CitiMortgage and a 2nd with CitiFinancial. My first is an interest only that will surely jump substantially this coming January.

I had my 341 meeting last week and everything seems to be on track and agreeable to the trustee according to the ammended plan due to added attorney fees regarding the foreclosure.

I am confident with changes in my lifestyle now that I have recently made, I could do a 20 year mortgage if I combined them and locked in a reasonable rate. Any lenders out there who might consider me? Up until 2.5 years ago, I had a 800+ credit score for decades. Just went through a divorce and severe depression that got me off track.

Thanks in advance.

I believe you are going to have to wait until you are a year in the chapter 13 and look at going FHA. Subprime is pretty much dead right now.

[COrnguy]

I can live with that......

so I might have a chance to refinance thru FHA then? No co-signer? How are the rates? Would like to go 15-20 year term if I can afford it by then. Thanks.

[MTG_BANKER_OH]

so I might have a chance to refinance thru FHA then? No co-signer? How are the rates? Would like to go 15-20 year term if I can afford it by then. Thanks.

Yes but you are going to have to wait until you are in the BK 13 for 12 months and made ontime payments.