Refinance to rid chapter 13

[murray1840]

My mortage company has ok'd a loan to refi my home including paying off my bankruptcy. The problem is the lawyers and trustee are delaying signing off, they want one document, we give it to them and then they want another. My question is can I dismiss my own chapter 13 and them pay the credits with the refi money

Thanks,
Murray

[HRx]

Yes, just file the correct motions.

Good Luck!

[gracey999]

Just adding to your pain i am sure.

It sounds like once you "file" just file a petition you lose options. This scares me because I thought that I would have an option to sell my home at some point and pay off the back money I owe to the mortgage company...How does the bk trustee get sooo much control! I don't want to sell but if I have to I don't want to pay companies who are not currently attached to my home as liens. If I file then sell, do I have to pay off ALL debts, like student loans, taxes, etc. I would like to have a little money to take with me...if I have to sell. Sorry I can't be of any help to you but I am so anxious and every thing I read makes me more so. Can you rid chapter 13 by paying off the mort. company who is the reason i had to file in the first place? Good luck to you.

[ZTinNC]

Check With Your Mtg Broker First!

I'm a mortgage banker--your approval is probably dependent upon the successful completion of the Chapter 13 plan. Even though you have the legal right to file the dismissal yourself, be cautious about doing so. If you do it, this will most likely render your new loan refinance approval null and void--as you now will have a DISMISSAL in your history. Your current loan pre-approval will yield a successful COMPLETION of the Chapter 13 plan---and your new lender is looking at that as an entirely different animal, believe me. Don't shoot yourself in the foot because you are impatient....be SURE to check with your loan officer or loan broker before you file anything like a dismissal with the court. I suspect that a Dismissal would make your refinance impossible for a while.

[Jman30]

I am trying to refinance in December. I have more than enough equity in my home to pay off the remaning % of the Chapter 13 plus walk away with $10K in my pocket.

My question is this...what does a lender look for when deciding whether to give you a refinance loan in a Chap 13? Consecutive repayments on time? Amount of time in the Chapter 13?

Or does it vary lender to lender, state to state. I am Ohio, for reference.

[MTG_BANKER_OH]

I am trying to refinance in December. I have more than enough equity in my home to pay off the remaning % of the Chapter 13 plus walk away with $10K in my pocket.

My question is this...what does a lender look for when deciding whether to give you a refinance loan in a Chap 13? Consecutive repayments on time? Amount of time in the Chapter 13?

Or does it vary lender to lender, state to state. I am Ohio, for reference.

How long have you been in the chapter 13? You may be able to get FHA financing and take up to 95% cash out. If you can document 12 months of chapter 13 pay history and have not been late on anything else you may qualify at a good rate in the 6's. What type of loan were you looking into doing? What will it take to pay off the chapter 13? HAve you checked your credit scores in a while?