View Full Version : Can I refinance my home to payoff a 5 yr old BK13?
slipcat63
Jun 20, 2008, 02:41 PM
I have been paying $1000 a month for over 60 months and have plenty of equity to pay off the amount that I owe on the BK 13 by refinancing the house.
Thank you,
Needing relief!
progunr
Jun 20, 2008, 03:29 PM
Not sure what the housing situation is in your area, in mine, my house is now not worth what it was when I bought it.
It doesn't look like it is going to improve anytime soon.
I'm not sure that this is a good time to increase what you owe on the home, to pay off the Bk.
Just my opinion, lets see what anyone else thinks.
Fr_Chuck
Jun 20, 2008, 03:33 PM
After 5 years a chapter 13 should be nearly over? How long a plan did you set up. But the trustee will have to approve it
slipcat63
Jun 20, 2008, 03:48 PM
I have been paying $1000 a month for over 60 months and have plenty of equity to pay off the amount that I owe on the BK 13 by refinancing the house.
Thank you,
Needing relief!
My debt to income ratio will go down 15% and I have been approved by the court. I am just trying to find a lender as my bank will not refinance until 2 years after BK discharge.
Fr_Chuck
Jun 20, 2008, 03:52 PM
But after 5 years, how much debt can be left, most plans are being paid off in three years, with 5 about top