2007-10-03 20:43:16 · 5 answers · asked by c'mira 1 in Business & Finance ➔ Renting & Real Estate
During the course of a Ch. 13 bankruptcy repayment plan you may be able to refinance (no cash out) with court approval. It seems unlikely that this would be beneficial because you will pay a very high rate.
2007-10-04 00:00:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You could, but you need to get the permission of your trustee. Your lawyer can get this for you after you obtain a Good Faith Estimate from a mortgage broker. Obviously they're only going to approve it if it actually benefits you.
The best program to 'buy out' or refinance out of a bankruptcy right now is the FHA program. Most of the others have very high interest rates and probably won't benefit you. Basic requirement of this is that you've been in the Ch. 13 at least a year with flawless pay history. You can pay off the chapter 13 with the proceeds or just do the house, just depends on what's the best deal for you.
Good luck!
2007-10-04 03:04:25 · answer #2 · answered by matzael 3 · 0⤊ 0⤋
FHA will allow chapter 13....with 1yr in bankruptcy.
you will need to consolidate all your debts also.
2007-10-04 02:28:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. And if you could. you wouldnt want to pay the rates
2007-10-03 23:20:51 · answer #4 · answered by Bob D 6 · 0⤊ 0⤋
You're joking, right? Of course not!
2007-10-04 01:46:09 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋