Refinancing During CH13

[zeezee]

So, I have about 9 mos left in my 13 and I want to refi my mortgage. I have not seen any threads where anyone has had any luck recently. I know I have to get atty and trustee permission. I understand that my plan payments may go up (maybe not I'm basically in a 100% plan already). My school loan payments are the thing that pushed my total up and I pay those outside of the plan.

Anyone know of lenders that will do it now, vice two years after discharge?

[toojerm]

I refinanced my rental 2 months after discharge. The trustee was a brick wall for 5 years.

[zeezee]

Thanks toojerm. No responses so I guess no one has been successful. I guess I'll keep waiting it out.

[zeezee]

I refinanced my rental 2 months after discharge. The trustee was a brick wall for 5 years.

Were you able to get a good rate?

[TheBajan]

Our mortgage will adjust on Nov first of next year. Before we filed, we asked our atty if we could look at re-fi during our 13 and he basically said it wasn't gonna happen. Of course, in our case we are stripping a HELOC so that may be why but I didn't ask further. At current mortgage rates, our adj is still going to be a lower interest rate than we currently have so it's not a huge concern yet.

[toojerm]

4.25% for a VA refi. BUt during the 5 years, the trustee wouldn't let me reduce my rate from 6.375. It made no sense.

[zeezee]

4.25% for a VA refi. BUt during the 5 years, the trustee wouldn't let me reduce my rate from 6.375. It made no sense.

That sucks...I have a 1st @ 5.85% and a 2nd @ 10.75%! I have enough equity now to be able to combine them into one loan, that's why I want to refi. Hell, I'll take 4.2%, even 4.5%! lol

[dmc-2008]

If you filed in 09 weren't you under water? Just curious. If you were I would have thought a lien strip should have been done with the 2nd. You must not have been under!!! Good luck

[zeezee]

When I filed I had an appraisal done on my house because I wanted to see if I could strip my 2nd ($95k), my 1st is now about $300k. The appraisal came in at $500k! It's crazy because there had been no recent home sales in my area so they had to use surrounding homes to value it (based on the size, location,etc.) When a house finally sold in 2011 it sold for $330k. Everyone said I couldn't go back and try to strip after I already filed so I didn't bother either because by that time I had gotten a significant promotion and salary increase. So most recently (Sep 2013) a house next door, almost exact to mines, sold for $425k. Looking at Zillow my house is estimated valued at $400k, so I'm not under water if that is accurate but I was hoping I could at least consolidate the loans into one so that I could get out from under that 10.75% 2nd.

[dmc-2008]

Yeah, that consolidation would be great! 10.75 will make it tuff to pay down. My second was around 55k and I paid on it for years and it barely started to budge! I hope the strip works! I never want to see that debt again! Good luck!

[dmc-2008]

Oh forgot to add the rate was about 8.25.

[zeezee]

Yeah, that consolidation would be great! 10.75 will make it tuff to pay down. My second was around 55k and I paid on it for years and it barely started to budge! I hope the strip works! I never want to see that debt again! Good luck!

Thanks dmc! I'm almost to the finish line!