Need Help need a New Mortgage

[chellyalb37]

Hello all,

We are in need of refin our 1st and 2nd. We are still in our bk13 we have about 2 years left? We are drownding in Mortgage debt. Can we refin or not. Because if we can't I don't see how we can stay in our home. Every month our mortgage goes up it never stops and stay at one price. It is our 2nd that is really hurting us. I don't know what to do any more. We thought going bk would help but it has only hurt us. So what do we do know? Loss our house? we are so lost. Please advice thanks Chelly

[lrprn]

Chelly, you first need to let your lawyer know you are having trouble paying your mortgages. Discuss what your options are.

If you decide the best thing is to continue trying to keep the house, then you need to approach your trustee to get permission to try to refinance. Be warned - this is not a very fast process - could take months to get the permission then find a mortgage lender who is willing to refi during an active 13. They are rare as hen's teeth especially now with the foreclosure crisis continuing to worsen.

You and your spouse should take a long, hard, emotionless look at whether keeping your house is really the right thing to do at this point. As hard as it is, a house is just a thing and things can eventually be replaced. Your family's love for each other and peace of mind can't.

[chellyalb37]

Yes we have thought about it and talked about it. It would not matter we would have to pay for the house if we gave it back or not. So we are hope that we can refin. Also we would wait as long as it would take to get a good mortgage rate. Thank you for you. ME