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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Probably equal to the odds of finding a snowball in hell... Posted by Ward-CA- on May 16, 2002 at 6:37 AM In Reply to: 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? =•=•=•=•=•=•=•=•=•=•= Alfred, I don’t think you’d have any fight with the bankruptcy court when attempting to resell or refinance a foreclosure property. I think the difficulty would be with a lender—trying to convince them to make a loan during a foreclosure. Follow Ups: 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? : =•=•=•=•=•=•=•=•=•=•= : Alfred, : I don’t think you’d have any fight with the bankruptcy court when attempting to resell or refinance a foreclosure property. I think the difficulty would be with a lender—trying to convince them to make a loan during a foreclosure. 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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