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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Getting a refi loan during BK... Posted by Alfred, Trainee on May 15, 2002 at 8:33 PM Hey Ward, I'm wondering... do you think it is possible to help a trustor, who is on a Chap 13 BK payment plan, to get a refi loan (whether fixed rate, variable HELOC, etc.) so that they can get lower payments and a better situation for themselves? Could we petition the court to allow him to do a refi so that he would be in better stead? (I'm thinking that he has enough equity in his property that an 85% LTV loan would pay all lien holders off. If he refinanced with a HELOC at variable rate, interest only payments, he'd have much lower payments and be able to get ahead a bit faster.) Benefits: the 1st and me (the 2nd) would get cashed out of the deal and be on our merry way. The debtor/trustor would have a single lower interest payment to make, thus more disposable income. What say you? Bad idea, so it must be good? Or vice versa? Follow Ups: Probably equal to the odds of finding a snowball in hell... Ward-CA- 6:37 AM, 05/16/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hey Ward, : I'm wondering... do you think it is possible to help a trustor, who is on a Chap 13 BK payment plan, to get a refi loan (whether fixed rate, variable HELOC, etc.) so that they can get lower payments and a better situation for themselves? : Could we petition the court to allow him to do a refi so that he would be in better stead? : (I'm thinking that he has enough equity in his property that an 85% LTV loan would pay all lien holders off. If he refinanced with a HELOC at variable rate, interest only payments, he'd have much lower payments and be able to get ahead a bit faster.) : Benefits: the 1st and me (the 2nd) would get cashed out of the deal and be on our merry way. The debtor/trustor would have a single lower interest payment to make, thus more disposable income. : What say you? Bad idea, so it must be good? Or vice versa? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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