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Refinancing Before Chapter 7

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    Refinancing Before Chapter 7

    I called my mortgage company today (Freddie Mac loan administered by CitiMortgage) to see if I could take advantage of any programs due to being on unemployment.

    I've never been late on any payments in 11 years of my loan.

    I wanted to see if there were any options available for temporarily reducing my mortgage. There is one where I could pay 50-80% of mortgage for 6 months then pay a lump sum at the end. Or, they could refinance at around 5% (my current rate is 7%).

    Quick stats: Home value $130K, Mortgage $75k, Homestead exemption $60K

    Would refinancing prior to a chapter 7 mess up with filing a chapter 7?

    #2
    Won't hurt to refinance your mortgage unless it creates too much disposable income that could be used to fund a chapter 13.
    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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      #3
      Thanks. Having too much disposable income is not an issue--I make under the median income.

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        #4
        Originally posted by WayStressed View Post
        Thanks. Having too much disposable income is not an issue--I make under the median income.
        Being under the median is unrelated to disposable income.
        Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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          #5
          Originally posted by OhioFiler View Post
          Being under the median is unrelated to disposable income.
          I totally understand that, but my expenses would still exceed my income--thus having to go without things I really need (i.e. dental visits, house repairs, etc.)

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