Chapter 13 refinance

[momtothree]

Hello,
I have never posted here before, but I would like to share my experience since there seems to be alot of confusion with a chapter 13 payoff. We are 17 months into our plan. (Old laws) Our payment was 1200.00 per month. We had a third child and after several months of struggling with the added expenses of an infant, asked our attorney for an ammended plan. We now only pay 725.00 per month (cant go any lower because our plan includes our car payments and they need to be paid off by the end of our 36 months. (Our plan is 36 months best efforts -meaning we are making our best effort to pay with what monies are left at the end of the month) 0% goes to creditors-all ours pays for our cars and trustee. Well our mortgage is an arm that started going up after we were in the bankruptcy-Making our payment go up every 6 months. We asked the court if we can pay off early and how it works...looks like everything will be approved- we have a loan in the works just waiting for the final approval from the trustee..We only have to pay what they would normally get if we finished the 36 months of our plan. take our payment amount and multiply by remaining months.. I asked our attorney for an explanation on how it works and in best efforts ...They can wait 36 months to get nothing or whatever % everyone is paying or take that now. If they wait the time...they are taking a risk that your financial situation could get worse and they might get less. Our attorney said people refinance all the time. ..I was just chicken to try and now I am so grateful I asked.

I'll keep you posted on how it all pans out.

Momtothree

[jane taylor]

I am very interested in this although I do want to wait at least one year into our plan. Hopefully very soon I will be getting another job paying at least $10,000 year more than I'm making now. My husband recently got a $12,000 per year raise (which we immediately reported!!). We are in a 0% to unsecured as well, but it is new law. I'm not clear as to how that would work.

At any rate, the last thing I want to do is end up in worse shape than we are now, so I'm being extra careful!

Good luck and keep us posted.

jane

[momtothree]

Thank you!

[13inOR]

Hope it all works out for you, we did it and it was the best thing for us and went very smoothly!! We paid off 2/28/06, discharged in 5/06 and closed in 6/06. YAHOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO.
I know how hard it is--our payment was over 1300 and that did NOT include our mortgage of $1200.

Here's hoping yours goes just as smooth!

[himey64]

Thats a good call. I specialize in bankruptcy 13 refinances. If you havent done so already, please check out our site w...bankruptcy-library.com...

Rates are lower than what you would get anywhere else. Free consultation.

[SinkingFast]

Himey,...........

You need to read the Forum rules. Solicitations are not welcomed here.

If you care to provide information, that's fine. But no ads for your services.

And FYI,........... I've reported your posts to the Forum Mods.

[lrprn]

Himey,...........

You need to read the Forum rules. Solicitations are not welcomed here.

If you care to provide information, that's fine. But no ads for your services.

And FYI,........... I've reported your posts to the Forum Mods.

And, Himey, I reported you to the forum mods too.

If you have something to share besides "visit my website for a special financial deal", great - we'd love to hear what you have to say. If not, then we sure don't need someone here trying to make money off us by enticing those who are still praying for an easy way out - that's lower than pondscum. Into 'ignore' you go - sayonara.

[bkdone]

We just did this...refinanced our way out of Ch. 13. It was the best thing we could have done! Our plan is paid off with the equity from our home. We took out an ARM mortgage, but its stable for 3 yrs. We planned to move anyway, so the higher mortgage will be paid off with the sale then. We were able to take out $20K in cash too. The total new mortgage is $1200, but we were paying $2000 for the mortgage and Ch. 13 payment combined. In essence, we are paying $800 less per month...we're out from under the court...our vehicles are paid off...and we are very happy! And...the interest is totally tax deductible!! Good luck to you. But be patient...the refi can take a month or two. I recommend using a reputable mortage broker. You only fill out one application and they will shop around for the best deal!!

[13inOR]

Bkdone, we did the same recently as well, and are very relieved to be out from under it, our circumstances are similar I think, we are saving a lot by being out for under that plan, and they let us take out about $25K in cash also, and we barely even made a dent in our equity.

Now onto life after BK and credit repair!