my Lawyer is suggesting a refi to buy out of 13

[Anj]

Our mortgage company are complete idiots - and screw us time and time again. Our lawyer even discussed this with the Trustee and they agreed that we are not getting good information from the mortgage company.

so - does ANYONE know how to find a mort. company that will refi someone in chapter 13 - I already know the trustee will approve the refi - AND I am paying 100%. We are in month 6 of 48 months at 100% payback.

I may squeek by with a loan that will cover it with my equity - but I will need a 100% loan.

I don't have too much hope - BUT I appreciate any help...

[mojo1642]

I've been contacted by numerous mortgage companies which I found through Lending Tree. The numbers are the same wherever you look. Usually 80% LTV is the max, @ 9 to 10%.

[Anj]

Percentage To Unsecured 100%
Plan Base $46,320.00
Total Paid into Plan $3,860.00

K - so just pulled that from my website that my trustee uses... well

I owe approx 160 on my house - it will appraise for 200k - so that leaves me 40 in equity IF I can get 100% loan - which looks impossible...

So... I guess I just keep paying and wait. I am too afraid to dismiss and refi outside of bankruptcy protection - too risky...

[FilingOnMyOwn]

If you can afford to do so at current fixed rates and the payments that would result, then maybe. Just don't do anything with an adjustable rate or you could end up right back where you started.

[Jman30]

I tried to do the same thing and with my credit scores, I could not get 100 LTV. I am in the same boat - I owe $160,000 on the house and it appraises at $200,000. But the most I have been able to get is 80% with no money down and 90% with money down, which I don't have or I wouldn't be in a Chapter 13.

If your credit scores are high enough, or you can someone to co-sign who has scores above 580, you may be able to get 100%.

[13inOR]

Anj, we were also a 100% plan and refinanced, but the best we came across was 80% ltv. It fortunately wasnt an issue for us because we had massive equity and ended up only using a 70% ltv actually. BUT-you never know, things could have changed a little. We went through directlender.com. GIve it a try, it cant hurt. I really feel for you and dont blame you for wanting to pay off early. I hope you find something that works, but do be careful to not get into something that puts you in a worse situation. : )