Profile picture for fph36

I am in a chapter 13 bankruptcy is there anyone who will refinance my home?

  • June 24 2009 - University of Richmond
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

In order to refinance your mortgage, you will have to be in the Chapter 13 bankruptcy plan for at least 12 full months and demonstrate that all your payments have been made on time. You will also need the permission of the bankruptcy court or trustee to refinance. In addition, you must pay off the remaining debts that are still in the repayment plan. The only mortgage you'll be able to qualify for is FHA, and the maximum you can borrow to take cash out, pay off the Chapter 13 bankruptcy and refinance is 85% of the value of the home.

For conventional mortgages, Fannie Mae requires you to wait until 2 years have passed since the discharge of a Chapter 13 bankruptcy and that you have reestablished your credit before you can apply for a mortgage. If you were unable to complete the Chapter 13 plan and it was dismissed, then you must wait 4 years.
  • June 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Depending on your present credit scores, and LTV, FHA does allow cash out to buy you out of your Chapter 13. In this lending environment, it will be a very hard loan to get closed, but not out of the realm of possibility. Jim
  • June 24 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.