FHA streamline Refi while in Chapter 13

[wanuvas]

Quick questions:

Does anyone know any reputable lenders who will look at a refi for an FHA mortgage for someone still in an active CH 13 case either a national lender or in Oklahoma? I know I would need to get trustee approval however currently I'm looking to identify possible lenders. We were current on mortgage payments before filing and then once the plan was confirmed the trustee brought the payments current. We are over a year after the trustee caught the payments up so we pass the FHA guidelines.

Also, does anyone know if that would mean the plan would have to refiled?

[HHM]

The best bet is a mortgage broker. Going direct to a lender is difficult...the process is too standardized for them to go outside the box. Try contacting your BK attorney (you will need their involvement anyway), in most districts, there is a usually a mortgage broker or two that are fairly well known in BK circles for these types of situation.

Not exactly sure what you mean by plan being re-filed. But yes, generally, the plan will need to be "modified".

Do you know your FICO credit score. I haven't checked the guidelines recently, but there are other things you need to do a ReFi in chapter 13.

(a) Debtor has been in the chapter 13 payment plan for at least 12 months and made each payment; (b) FICO score greater than 660; (c) monthly debt to income ratio of no more than 41%; (d) full income documentation; (e) no post bankruptcy filing derogatory entries on credit report; and (f) approval from the Chapter 13 Trustee. http://www.**********.com/blog/2010/...13-bankruptcy/

[wanuvas]

Thanks HHM. The credit score is gradually getting better. We are around 640 currently however the guidelines were modified for the streamlined loan just this summer to allow the waiver of B and C to get FHA insurance is my understanding which is the big issue from all the reading I have done do far. I'm sure there are technical issues I am unaware of. Thanks for offering the suggestion of a mortgage broker and clarifying and yes you read my mind I was referring to a modification not a refile of the plan. Again, thanks!