Refinance while in Ch. 13

[brtb]

Has anyone ever been able to refinance a home loan while in Chapter 13? We're 2 1/2 years in; looking to bifurcate. I am current on the loan, but with the impending divorce and the fact that I would like to stay in the house, since I've been paying the mortgage I have to be able to refinance it in my name.


Thanks!

[brtb]

Just wanted to "bump" this. Is there no one that has been able to refinance a mortgage while in Ch. 13? Thanks!

[zeezee]

I asked this same question about a month or so ago...didn't get many responses. I guess not.

[brtb]

I asked this same question about a month or so ago...didn't get many responses. I guess not.

Have you tried? I keep reading about FHA, but can't find any success stories.

[BNKRPTinNC]

I inquired while about half way thru with several and because we were in an active 13 they wouldn't be able to help. Even now with discharge looming I was told I needed to wait another year. Once I get "officially" discharged I will approach current lender as to a better rate and shorter term. If they decline I will be actively looking elsewhere. Your best bet is probably a mortgage broker that is familiar with bankruptcy and it's specific hurdles.

[zeezee]

Have you tried? I keep reading about FHA, but can't find any success stories.

I haven't tried mostly because I have had significant increase in income and I coming close to discharge soon, so I don't want to rock the boat. I did call Quicken to see what they would say and they pretty much told me the same thing that BNKRPTinNC just said. So I'm just going to stick it out and wait. I hate it because the interest rates are steadily creeping up.

[LadyInTheRed]

Your best bet is probably a mortgage broker that is familiar with bankruptcy and it's specific hurdles.

Yep. Assuming the trustee will approve the refi, the key is to find a lender who will loan to you while in Chap 13. An experienced mortgage broker is a good resource.

[brtb]

Yep. Assuming the trustee will approve the refi, the key is to find a lender who will loan to you while in Chap 13. An experienced mortgage broker is a good resource.

This is a stupid question, but how do you find an experienced mortgage broker?

[159515951]

This is a stupid question, but how do you find an experienced mortgage broker?

Not a stupid question at all, and I have the same question.

[LadyInTheRed]

If you know a real estate agent, they may know somebody. Also, ask your attorney if any of his clients have found lenders who will work with Chap 13 debtors. If neither of those options work, start with a google search and then start calling and asking brokers about their experience, specifically if they have worked with Chap 13 debtors.

[TheBajan]

I have a question for you. Do you have a second mortgage that is being stripped in the 13? I ask because we do. Our first mortgage is due to adjust in Nov of this year and our plan doesn't end until April of next. When we filed, I asked our attorney about options and he said we really didn't have any. We cannot refi because the of second that is being stripped. Hopefully, your situation is not like this.

[brtb]

I have a question for you. Do you have a second mortgage that is being stripped in the 13? I ask because we do. Our first mortgage is due to adjust in Nov of this year and our plan doesn't end until April of next. When we filed, I asked our attorney about options and he said we really didn't have any. We cannot refi because the of second that is being stripped. Hopefully, your situation is not like this.

No, we don't have a second mortgage that's being stripped. We had too much equity to be able to do that. I pay both the first and the HELOC outside of the bk.

[brtb]

Thank you LadyInTheRed.