When you file BK, 7 or 13 and you are able to keep your home, Will the banks even consider refinancing at a lower rate if its available? & How long before they would do this? Like 2 years of steady payments? Any Ideas?
-
-
Don't know about a 7, but from I understand about Chapter 13...........I doesn't sound like you refinance. Anyone for sure please reply. Thanks. -
You can refinance in a Chapter 13, if you have one solid year of on-time payment to the Trustee. It's an FHA program, so you'd have to check to see what the current criteria is.
In a Chapter 7, they usually want a couple of years post-discharge.
Whether you can keep your home in a Chapter 13 or a Chapter 7 ir really determinative on if you are behind in payments, and can you really afford the house. At the point of filing bankruptcy, you aren't looking to "refinance" right then. It's probably best to address modification or refinance before filing the bankruptcy. A bankruptcy doesn't help you to refinance the debt.
Check out the FHA programs for Bankruptcies.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
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
-
you might be able to qualify under the Obama Home Affordability Program, check what the lender's guideline's are and also research here and on the web.Much thanks for all the support and information I receive on this forum.
Chapter 7 filed 11/21/2008
341 Meeting 01/05/2009
Discharged 03/06/2009Comment
Bankruptcy Wizard
Comment