Saw an Attorney today and confused==>Plz help

[Flamingo]

Flamingo, we were in an entirely different housing market and credit market in 2006 when you refinanced.

We have no idea what the housing or credit market will be like four years from now in 2013. I think it is not very prudent to rely on the market rebounding in that time period to finish the plan. Obviously the OP has to make some sort of decision, but to plan to refinance in order to complete the Ch 13 is taking a high degree of risk at this point. I don't think you can compare 2006 to now or to 2013.

StartingOver08 - remember, for us it was mid-2002; we had no idea what the market would be like either 5 years later....we took a risk and made out well. You can't compare 2009 to 2014 either. No one has a crystal ball but you can bet this market will turn around gradually over the coming year. It already has in many areas. Remember, this attorney only gave him an option due to his high equity right now which more than likely will be higher in 4 to 5 years since he will be paying on his mortgage during that time. Everyone stated to him to find another lawyer when they too will probably offer him the same option due to the equity. If the equity was not there now, the offer would not be made and also as to the amount of debt involved.

In BK, you take all options and advice and weigh it all out as to what would work best for you and your circumstances.