in chapter 13 and got approved for a loan to refi.is it true that it has to get approved with bankrupcy court and that it takes a month before we hear back for the approval?
2007-11-01 10:30:59 · 3 answers · asked by Bobbie 4 in Business & Finance ➔ Renting & Real Estate
I am in Massachusettes
2007-11-01 10:52:33 · update #1
Yes, the court does have to approve the terms. More importantly the Chap. 13 Trustee. They are contacted to obtain a payoff figure for your bankruptcy. The terms of the refinance approval require that your Chap 13 be paid off in full with the loan proceeds. In my experience as a mortgage broker for 13 years I've done several of these loans for customers. Not a single one has taken longer than a week or so to obtain the payoff figure and approval from the trustee.
Good Luck to you and enjoy your fresh start!
2007-11-01 12:09:14 · answer #1 · answered by Rob Wunderful 2 · 1⤊ 0⤋
Let's back up a minute! It depends on the state where the bankruptcy occurs. In Texas you can choose to continue to pay your mortgage and at some point go for the refi and there is no issue with the court at all.
2007-11-01 10:47:46 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
Anything that will affect your financial situation or cash flow must be approved by the court. Can't say how long it will take to get word back; your attorney can advise you on that and all other requirements.
2007-11-01 10:35:18 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋