Refi chances in 18 months

[JustChillin]

I am living in a house that I purchased on a balloon mortgage in March. I am in a chapter 13 and have made my post-petition payments on time. I would like to refinance this mortgage in early 2007. I have found several mortgage lenders that would refinance the note after 10 more on time payments which would be September 2006 including on time payments with the Trustee. There is 13,000 - 15,000 in equity right now. The appraiser said with some landscaping repainting and pulling out the carpet and fresh paint I could have an appraisal between 99,000 and 115,000 in a year.

Has any one had a successful refinance a year or two after filing? My trustee wants me to prove that I can refinance without it being a burden on my estate.

[StaciMM]

Head over to creditboards.com/forums. There is a mortgage board, some mortgage professionals can give you a good idea of what to expect.

[MTG_BANKER_OH]

Aas long as your Ch 13 payments are made on time you can refinance into a longer term loan without a baloon payment with in 12 months. Your best option would probably be an FHA loan where you can get market rates with impared credit. When is your baloon payment due? You should have no problem refinancing as long as you keep your credit clean. Also make sure that all of your accounts are reporting correctly on your report and they are showing up under chapter 13 and ot reporting you as late every month, which some creditors will still do even though it is in chapterr 12 which will drag your scores down. The most importent thing to do is have no lates since the BK that is a huge issue with your conforming loans.