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Refinance after chapter 13

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    Refinance after chapter 13

    We voluntarily dismissed our chapter 13 once our mortgage arrears were caught up. Then we settled with the credit card collectors. Most agreed to settle for about 20%. Two wanted monthly payments, so we're still paying those off. Its almost 8 months since our dismissal. Is it possible for us to refinance our VA loan to lower our monthly mortgage payment? I did a little research online, but I didn't really find anything concrete. It would be great to take advantage of the current low rates. Our's is 6.6%. This is just a thought. Common sense tells me because of our chapter 13 and our affected credit, we don't have a chance. But I thought I'd ask anyway.

    #2
    It is likely that VA may want more seasoning since the dismissal of your Chapter 13. The only way to know for sure is to ask what seasoning requirements there are for a dismissed Chapter 13. If you were still in your Chapter 13, you probably could have re-financed without an issue (since most of the GSEs allow financing with only 1 year in Chapter 13.)
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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