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    slipcat63's Avatar
    slipcat63 Posts: 2, Reputation: 1
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    #1

    Jun 20, 2008, 02:41 PM
    Can I refinance my home to payoff a 5 yr old BK13?
    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's Avatar
    progunr Posts: 1,971, Reputation: 288
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    #2

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    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's Avatar
    slipcat63 Posts: 2, Reputation: 1
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    #4

    Jun 20, 2008, 03:48 PM
    Quote Originally Posted by slipcat63
    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    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
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