Feeling hopeless

[nkamoo]

I filed a chapter 13 almost 1 year ago, my pymt is 4020.00 a month. I need to re-fi my house but i'm having a really hard time. I keep getting my house appriased and everyone says something different. I don't know where to turn & i've got to do something about this before my pymt goes up AGAIN!!!

I'm so frustrated, does anyone have any advice?

[southerncomfort]

Why does your payment keep going up? How does refinancing your house prevent the payment from going up? I'm confused. Can you give more info . .

[lrprn]

Why does your payment keep going up? How does refinancing your house prevent the payment from going up? I'm confused. Can you give more info . .

Nkamoo likely has an adjustable rate mortgage that keeps readjusting - they can be death in a Ch 13. Likely he/she is trying to refinance to get a fixed rate mortgage to stabilize their house payment.

[lrprn]

I filed a chapter 13 almost 1 year ago, my pymt is 4020.00 a month. I need to re-fi my house but i'm having a really hard time. I keep getting my house appriased and everyone says something different. I don't know where to turn & i've got to do something about this before my pymt goes up AGAIN!!!

Your chances of getting a mortgage company to refinance inside a Ch 13 is very small, and even then the interest rate is going to kill you.

As an aside, your monthly plan payment is the highest I've ever seen here in the forum. Sounds like your house is killing you slowly. As hard as it is to consider, have you thought about surrendering the house and getting a truly fresh start? If you did that, could you qualify for Ch 7?

[fedupw/ccdebt]

I was wondering the same thing...I don't know how they expect you to handle that amount...but then I don't know the particulars either. Good luck, whatever comes your way.

[workinghard]

Wow a $4000 trustee payment? I assume the house is being paid in the plan? I have posted my problems with my trustee payments which are complicated by an ARM but I pay the mortgage outside the plan...if I combined the two they'd be around $3000 a month...so, I feel for you!! All I can say is hang in there.

I too have talked to some refinance guys and my biggest hurdle is the loan-to value. The lenders understand i'm in a 13 but they would only go around 60-70% of the appraisal (I need 100% LTV). They call this "hard money" or "chapter 13 bailout" is another term I heard.

Here's what one broker told me: "the loan you are asking for is impossible. Anything under 500 mid credit score is hard money and the max LTV for hard money lenders is 70%. Your Credit will not support the loan that you want. It is just too risky for lenders. It is impossible to refi with that high an LTV and less then a 620 middle score."

[nkamoo]

Thats exactly whats happening. The thing is i have to keep the house because i have a business in it. I've had the business for 11 years & thats why its been such a struggle.

[nkamoo]

I was wondering the same thing...I don't know how they expect you to handle that amount...but then I don't know the particulars either. Good luck, whatever comes your way.

Exactly, its SOOO HARD!!! Everyday is a challenge, i'm so tired of feeling like this.

[nkamoo]

Wow a $4000 trustee payment? I assume the house is being paid in the plan? I have posted my problems with my trustee payments which are complicated by an ARM but I pay the mortgage outside the plan...if I combined the two they'd be around $3000 a month...so, I feel for you!! All I can say is hang in there.

I too have talked to some refinance guys and my biggest hurdle is the loan-to value. The lenders understand i'm in a 13 but they would only go around 60-70% of the appraisal (I need 100% LTV). They call this "hard money" or "chapter 13 bailout" is another term I heard.

Here's what one broker told me: "the loan you are asking for is impossible. Anything under 500 mid credit score is hard money and the max LTV for hard money lenders is 70%. Your Credit will not support the loan that you want. It is just too risky for lenders. It is impossible to refi with that high an LTV and less then a 620 middle score."
__________________
Filed March 2007
341 meeting April 2007
1 payment made 59 to go --
June 07 ...still not confirmed but hangin' in there! to be continued....


The good news is that i just got re-married & my husband graduates in May of '08, he is a c. engineer & already has a job at the firm he'll be working at. I'm looking at buying a house in his name & there are LOTS of foreclosed properties out there. I'm hoping i can find something that works for us as a family & something that works for my business.

[workinghard]

[Quote
The good news is that i just got re-married & my husband graduates in May of '08, he is a c. engineer & already has a job at the firm he'll be working at. I'm looking at buying a house in his name & there are LOTS of foreclosed properties out there. I'm hoping i can find something that works for us as a family & something that works for my business.[/QUOTE]

Yep that's true...I have even talked to some private investors about buying my house with a lease-back or renting out another of theirs...so keeping my options open... another finance guy (yes I've been talking to alot of people these days LOL) says mortgage companies really don't want to foreclose properties because of the high foreclosure rates. So, Loss mitigation is another option but you have to be careful there are alot of bad people who say they can do things just to rip people off... I'm sure things will get better once your husband graduates. I know my situation will improve once my old man gets a job too. It's very stressful no doubt!!

[nkamoo]

[Quote
The good news is that i just got re-married & my husband graduates in May of '08, he is a c. engineer & already has a job at the firm he'll be working at. I'm looking at buying a house in his name & there are LOTS of foreclosed properties out there. I'm hoping i can find something that works for us as a family & something that works for my business.[/quote]

Yep that's true...I have even talked to some private investors about buying my house with a lease-back or renting out another of theirs...so keeping my options open... another finance guy (yes I've been talking to alot of people these days LOL) says mortgage companies really don't want to foreclose properties because of the high foreclosure rates. So, Loss mitigation is another option but you have to be careful there are alot of bad people who say they can do things just to rip people off... I'm sure things will get better once your husband graduates. I know my situation will improve once my old man gets a job too. It's very stressful no doubt!!
__________________
Filed March 2007
341 meeting April 2007
1 payment made 59 to go --
June 07 ...still not confirmed but hangin' in there! to be continued....


Thank you, i think the most important thing when going through something like this is having people to talk to who are in your situation. Sometimes i feel like this will NEVER end or it will get worse. The thing i fear is that when my hubby graduates, the trustee will want to up to the payments to God knows what. Its scary because it keeps going up & the trustee pays whatever they want to pay. I hate that the laws changed, they do things now to protect my debtors, not me. Thats so stupid!!!

I've thought about talking to a private investor, how do i even go about that if i'm interested?

Thanks!! Nada

[workinghard]

"...having people to talk to who are in your situation"

Yep I totally agree, the people on this board are very supportive and they have been or are going thru the same process and help me keep my head on straight when I feel down.

"I've thought about talking to a private investor, how do i even go about that if i'm interested?"

I just found out about one who is landlord of a friend. Asking around is a start but be careful there are alot of scammers out there, especially if they are from out of the country or want you to pre-pay money those are sure signs it's not legit.

[nkamoo]

what does it take to convert from a 13 to a 7?

[FeelingHopeless]

I understand how frustrating everything can be, nkamoo. Keep your chin up ... and keep coming here. The people on this forum are the most supportive, friendly, and informative people I've ever met.