possible to refi in a 13?

[brokeNconfused]

with the new Obama plan is it still possible to refi a home loan while in a chapter 13? anyone know of a reputable broker for this? If this is not possible now what about a modification? I have been trying to contact my bank, but they wont return my calls. I obviously cant afford an attorny to Modify are there any options for me so i dont lose my house?

[spidge]

You could send them a hardship letter to see what you get but if I understand the ch 13 rules correctly after you modify your budget will change therefore your ch 13 payment will possibly change.
Kind of like having a 401k loan at the onset of the 13 and having it paid in full halfway through. It becomes disposable income again.

[HHM]

It's possible, but has nothing to do with the Obama plan.

The Mortgage Refi market is all but dead. Unless you have 20% equity in your home, you can pretty much forget it.

[optimistic1]

Do you have a FHA loan? The streamline refi program is still strong, I just closed on a 0 out of pocket refi last month, changed my rate to 4.875%, no credit check other than seeing if you had any lates on your old mortgage.

[brokeNconfused]

no i dont have an FHA, but talked to a broker who said he spoke to his underwriter and they will still Loan to thoes in a 13 as long as payment on time and it gets personally reviewd. also told me that they dont requre the 20% down or equity, so i am still confused.

[Flamingo]

In order to refinance while in a Chapter 13 you need Trustee permission. Contact your attorney first to see if it is possible for you to do that before you proceed with anything. We refinanced during our Chapter 13 but we bought out early which was possible during the Old Law. But you cannot refinance without Trustee permission. Best of luck to you!

[dave1512]

Need more input on the topic.

I bank through a local Savings and Loan, I asked if they would reduce my interest rate considering they are at an all time low. They basically said they were not willing to work with me at all. This Savings and Loan passed on the Home Owner Relief act and is not tied into Fanny or Freddy.

My question is that same as the post, assuming the Trustee ok's a refi, and I am current on mortage outside the BK. What bank or outfit would be a good place to start for someone in Chapter 13 and has 20% equity in house

Thanks in advance.

Dave

[Flamingo]

I bank through a local Savings and Loan, I asked if they would reduce my interest rate considering they are at an all time low. They basically said they were not willing to work with me at all. This Savings and Loan passed on the Home Owner Relief act and is not tied into Fanny or Freddy.

My question is that same as the post, assuming the Trustee ok's a refi, and I am current on mortage outside the BK. What bank or outfit would be a good place to start for someone in Chapter 13 and has 20% equity in house

Thanks in advance.

Dave

Your own attorney is the best place to start because you can bet he/she has gone through the refinance situation many times and can give you some recommendations. We were given an excellent reference by our attorney and the broker involved kept us away from the predatory lending practices well in place in early 2006 and got us a fixed rate of 6.5%, which was the average going refinancing rate at that time. We were offerred by another outfit only ARMs and we are so glad we had the broker we did. Give your attorney a call.