Refinance 1st/2nd after Ch 13?

[coit]

I have 2 mortgages, with the 2nd being relatively high interest rate. Together, the two mortgages are 80% or less of the value of the house, even in this down economy.

I paid on both through the bankruptcy and kept payments current all the way.

What are my chances of being able to refinance and combine the two into a new mortgage at a reasonable interest rate?

I'm paying combined about $1800 a month now, and with the refi at maybe 6-7% I could drop that to $1200-1300 for a new 30 year. I would love to do that if I could, and started saving that $00 a month rather than giving it away.

Thanks!

[coit]

Well, I'm underwhelmed by the response! LOL!

Seriously, is there no one out there with experience on this?

I met with someone who told me that they follow FHA guidelines for Mortgage approval. They called someone, who apparently quoted the CH7 guidelines (2 years post discharge) but didn't seem to understand that there was a difference with the CH13 guidelines.

Anyone have any info on this?

[justbroke]

I haven't done this, but it is said that if you come out of your Chapter 13, and especially with a good payment record, and no credit issues during the Chapter 13, you should be able to easily refinance your home and get a good rate.

[mrslick]

FHA guidelines for chapter 13 is 12 months payments into the plan, then you can refi with them.

[sahaley]

wondering how you did with this? - if you chose to refi? My husband and I were discussing refinancing the house to roll in our home equity (50k)... post d/c of 13 (2.5 more years down the road).... we have an excellent rate on our primary mortgage (5.5%) but not so much on the home eq of course... possibly take out a 20 yr for a better rate if possible

[ABC]

wondering how you did with this? - if you chose to refi? My husband and I were discussing refinancing the house to roll in our home equity (50k)... post d/c of 13 (2.5 more years down the road).... we have an excellent rate on our primary mortgage (5.5%) but not so much on the home eq of course... possibly take out a 20 yr for a better rate if possible

If your second is more than a year old FHA does not consider it cash out so you can refi up to 97.75 % of your value.

Get a 15 year as that is where the rate break is and also if you have 10 % equity there is no monthly mortgage insurance.

Rate should be 4 % fixed as of last week. As people have mentioned, you need 12 payments in and Trustee approval if you're still in 13