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If your chapter 7 bankruptcy was discharged six weeks ago what are your options for a refinance?
Wiki User
∙ 8y ago
You can quite possibly refinance up to 80 percent of the value of your home and get some cashout with a decent rate.
Wiki User
∙ 8y ago
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If a chapter 7 bk has been discharged but the mortgage lender will not work with you to keep the house will a chapter 13 work or would you be able to find a lender to refi the current mortgage in PA?
A chapter 13 MIGHT work if you have the ability to keep your payments current after filing the Chapter 13 and then repaying the past due amount over a period of 3 to 5 years. You ability to find a new lender to refinance the existing loan will depending on your cash flow, equity and ability to pay. You shoulld contact mortgage broker and a bankruptcy attorney to discuss all of the options.
How would you get a chapter 7 bankruptcy removed after 7 years?
A Chapter 7 bankruptcy will remain on the credit report for the requrired ten (10) years. There are not options for having it expunged sooner.
How long after filing for a chapter 7 is it discharged is there a way to speed it up?
The average BK that is filed correctly is generally discharged in three to four months. There are not options for a personal bankruptcy to be expedited. Creditors cannot take any action until a ruling on the filing is made, with the exception of secured creditors who might possible be able to have the stay lifted.
What are the differences between bankruptcy options?
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
What are home refinance options for one's mortgage?
There are many different home refinance options for one's mortgage. Some of the home refinance options for one's mortgage are: refinancing one's home through a bank, and doing the same online.
Can you refinance after bankruptcy?
Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure. When entering into a plan the debtor, usually has no exit plan other than paying the 5 or 3 year plan (contingent upon median income). The debtor can refinance after 36 months (all unsecured claims become dis-chargeable debt) and discharge the bankruptcy immediately. This saves the borrower 2 years on their credit report. After refinancing, the BK 6 months out/discharged Fannie Mae will issue approvals. A bankrupt borrower can easily be transformed to an AA+ 680-720 FICO borrower yielding rates in the range of 6.25-7.00 after doing a loan to discharge the bankruptcy.In a dismissed bankruptcy a foreclosure bailout out loan can be arranged. This topic was discussed in a previous article I published in ezinearticles.com When a debtor is dismissed from his/her bankruptcy the mortgage ALONE can be refinanced and a Chapter 7 can be employed. When filing a Chapter 7 the mortgage must be refinanced first. I arrange foreclosure bailouts for people more frequently than previous years. When trustee or mortgage payments are missed the bank will make a motion to lift the automatic stay. This leaves the borrower exposed to foreclosure until the mortgage is refinanced. If the borrower meets the means test the non mortgage/secured debts can be discharged under a Chapter 7 Bankruptcy. The "means test" is when the court determines a debtors filing to be abuse of the system. Abuse is presumed if the aggregate current monthly income over 5 years, net of certain statutorily allowed expenses is more than $10K or is 25% of the debtors unsecured debts, as long as the amount is $6,000. The debtor can rebut this guideline with mitigating circumstances. A dismissal from a bankruptcy has been viewed by the court as mitigating circumstances.When the payments to your trustee are not perfect you can still get out of your bankruptcy. If the debtor has filed multiple Bankruptcies it is important for debtor to know what claims are listed in schedule D & F (secured and unsecured claims) Often times when multiple liens are present the attorney will file an avoidance on a lien. This means the borrower is not required to pay the lien back. However, all too often title searches find liens that were never discussed or filed. Liens that maybe very old.An unscheduled debt most of the time will not be discharged with a BK payoff because the claim was omitted or an avoidance was never filed. This is a common omission/oversight that can (depending on the amount of the claim) present a problem for a borrower who may not have enough equity to cover the lien.This is where having a through attorney pays off, you most likely wont have to deal with this predicament. Often times I can negotiate these debts down if they are addressed ahead of time.Yes. You may have trouble finding a lender, but it is possible. If you refinance before your 37th month of bankruptcy, then you will be responsible for repaying the unsecured debt that you filed for. If you can hold out till the 37th month you can refinance and not be held responsible for that back debt. You can have the lender refinance all of your current debt, this includes your filed bankruptcy that your currently paying on through your trustee and the unsecured debt that you had discharged as well as new debt. (This advice was given by a lawyer that cleared one user's Chapter 13.)Here is more input and advice from others:You can refinance with an FHA mortgage one year after filing a Ch. 13 and showing proof that you were paying your Trustee Payments AND Mortgage Payments each month (be careful that you don't confuse being CURRENT with paying ON TIME).I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for Fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of.I am a loan agent in California and yes, you can refinance after chapter 13 or during 13 and one day after 13 or 7. A low Fico should be OK. You will need a specialized broker who understands how to do navigate this problem.Be careful. Each situation is different in the bankruptcy refi world. People can be refinanced at anytime before, during or after 13 and the day after 7. There is a thing called BK avoidance loans as well.I am a Sr. Loan Consultant in NY. There are other contributing factors but you can surely refinance even a day after you file. Your FICO score will determine your eligibility your Loan To Value has to be below 70% though.You can refinance after or during a bankruptcy or foreclosure at any time.The answer is Yes you can refinance after a bankruptcy. How soon after? This answer depends on the loan company. Some loan products does not allow bankruptcies while there are other products that allow a bankruptcy discharge up to the day prior to funding. Having a bankruptcy within the past 2 years usually means that you will be categorized as a subprime borrower, meaning higher interest rates and higher loan costs. I know this personally because I work for the #1 online mortgage lender in the country. Also, I run two credit related websites that deal with bad credit.You can refinance during or after your ch 13 and 7 BK's with a sub prime mortgage lender. I am a sub prime mortgage lender who specializes with people who are in Foreclosure and/or Bankruptcies with low credit scores who have at least 30% equity in their home.Yes, if your current bankruptcy attorney is not aware of how to refinance you out of your bankruptcy, talk to another attorney.
What are some options for a business to finance a commercial building?
There are many options for a business to refinance, you could take a second mortgage or refinance the one you have.
How much income is too much for chapter 7?
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
What options are available to those refinancing after bankruptcy?
The rule for refinancing after bankruptcy is that you should wait 10 years after filing bankruptcy even chapter 13 so that the bankruptcy is off of your credit and you can get a better chance of getting the refinance. You could try before it's removed but you will have difficulties.
What is filing for Chapter 13?
While this is a very general question, I believe the question being asked is whether a debtor who is unemployed can file a Chapter 13 bankruptcy. Unfortunately there can only be general answers given, but it is a place to begin exploring options. Remember that while bankruptcy is governed by federal law, individual state laws differ, and the debtor will be governed by both, so please speak with a bankruptcy attorney in your state. Chapter 13 is - simply stated - a court authorized debt management program. It is a means of creating a pay-back plan and very often the Trustee is able to authorize a program where debts are essentially, eventually paid back in full. If a person is unemployed with no means of income, that would be difficult to structure.
What companies offer refinance options for automobile loans?
Chase Auto, Nationwide, Wells Fargo and Capital One all offer refinance options for automobile loans. Other companies that offer refinance options are CarsDirect, myAutoloan, Lending Tree Auto Loan, and up2drive.
Where can one find an attorney to defend a Chapter 11 Bankruptcy case?
Filing a Chapter 11 Bankruptcy is a complex process. Finding a qualified attorney who is compassionate and understanding is an important first step. Compassion and understanding is a necessary requisite for such an attorney because a person files a chapter 11 bankruptcy because he/she has basically run out of any financial options like further bank loans. Checking out genuine review sites for bankruptcy attorneys on Google is perhaps a good place to start.
