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Chapter 13 Bankruptcy Buyouts

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    #1

    Chapter 13 Bankruptcy Buyouts

    Any California homeowners thought about possibly refinancing and paying off the chapter 13 plan? You may be able to qualify. There are home loans specifically designed for this purpose. You should also check with your Trustee.

    I,m not familiar with the other state laws so California is the only state mentioned.
    Last edited by CMIG; 04-25-2006, 08:22 PM.
    Tags: None
    #2
    You clearly did not read the Terms of Use for this Forum.

    Solicitations are not welcomed here.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      Fixed!
      Last edited by CMIG; 04-25-2006, 08:23 PM.

      Comment

        #4
        You are surely welcome to post any information and knowledge you may have to share with folks here.

        But you must realize that Commercial Lenders come here all the time with "Pie in the Sky" promises to help desperate people. Some folks come here, see those posts, and grasp at straws.

        It's a form of Predatory Lending.

        There are a few Mortgage Lenders that are now giving of their time and expertise to answer questions people have about obtaining home financing.

        If you stick around, and give of your time and your knowledge, I am fairly certain you will be contacted via PM by members interested in your services. When they are ready to learn if they are qualified. And hopefully you can help some people. Reestablishing credit is a major issue and concern for most of the folk here.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

          #5
          Very well said SinkingFast............. Hats off to ya!!
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment

            #6
            That is not true anyway. There is no case law in regards to whether the BK 13 term is a fixed term or a multiplier. So a lender has no idea if they can buy you out or not.

            Comment

              #7
              First of all the Trustee has to approve of EVERYTHING - including a buyout.... and all buyouts are usually at 100% depending on your plan.... and what month your are in.

              Lender can suggest options, but its up to Trustee to approve it.......

              Minny
              Minny

              "It's amazing the paths that our feet sometimes follow in life".

              My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

              Comment

                #8
                Originally posted by Lexy1969
                That is not true anyway. There is no case law in regards to whether the BK 13 term is a fixed term or a multiplier. So a lender has no idea if they can buy you out or not.
                As Minny said, the Trustee must approve any debt you take on while in a Ch 13 plan.

                13 filers can only take on debt for 2 things while in the plan. Purchase of a home and a car. Both must be approved by the Trustee in advance before the purchase and financing occur.

                If you're in less than a 100% repayment plan, if you refi your home to Buy Out of a Ch 13 plan, the Trustee may require a 100% payback.
                Filed Ch 7 - 09/06
                Discharged - 12/2006
                Officially Declared No Asset - 03/2007
                Closed - 04/2007

                I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                Comment

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