Helllllppppppppp

[NHENDERSON]

I am in a ch 13 now and wish to try to refi. I get turned down a lot because of the ch 13 filing. but my credit scores are 590. I was wondering if converting to a 7 would be easier and still keep my home? Is there anyone that I could get financing through? even if it's just enought o pay of the bk plan and the mortgage loan? my 2 cars I am surrendering hoping to at least make my plan payments go down. what do you think

[SinkingFast]

Hi Henderson and Welcome to the Forum!

I moved your thread to this section since you're asking about a Refi.

We have Mortgage experts who post here regularly. You're more likely to get an answer to your question in this section.

To help folks,......... Can you tell us how long you've been in Ch 13??

[lrprn]

I am in a ch 13 now and wish to try to refi. I get turned down a lot because of the ch 13 filing. but my credit scores are 590. I was wondering if converting to a 7 would be easier and still keep my home? Is there anyone that I could get financing through? even if it's just enought o pay of the bk plan and the mortgage loan? my 2 cars I am surrendering hoping to at least make my plan payments go down. what do you think

Is your average income over the last six months low enough to qualify for Ch 7? What state did you file in? When did you file? How long is your plan and how many payments have you made so far? Have you talked with your lawyer about this?

Before you do anything with your cars, touch base with your lawyer, or if you don't have a lawyer, with your trustee. You can't do anything with an asset involved with your Ch 13 without your trustee's prior permission. And about the loan...you need your trustee's permission to take on more debt anyway.

If you are having trouble making your payments, getting a loan and going into more debt is NOT the answer! If you can't convert your case, see about filing an amended Ch 13 plan. Just don't allow your Ch 13 case to be dismissed for non-payment - that's the worst case scenario.

[MTG_BANKER_OH]

I am in a ch 13 now and wish to try to refi. I get turned down a lot because of the ch 13 filing. but my credit scores are 590. I was wondering if converting to a 7 would be easier and still keep my home? Is there anyone that I could get financing through? even if it's just enought o pay of the bk plan and the mortgage loan? my 2 cars I am surrendering hoping to at least make my plan payments go down. what do you think

You may have a chance if you have enough equity to pay off the Chapter 13 and you have made payments on time in your ch13. You need to be looking at an FHA loan where you can go up to 95% cash out. Your scores are not much of an issue with FHA but you need to be in the plan at least 12 months. What is your house worth compared to what you owe and what do you owe on the chapter 13 if you were to pay it off today? What is your repayment percentage on the plan?