Foreclosure and chapter 13?

has anyone ever been in forclosure before and filed chapter 13 to save their home and if so did you ever get to refinance your home and how soon after?i know there are chapter13 buyouts and people who help this types of situations to repair credit.but who?

Foreclosure and chapter 13?

You should contact a Mortgage Broker. The rules are always changing depending on the lender on how quickly you will be able to buy/refinance after a foreclosure/bankruptcy. A few years ago you could refinance immediately. 2 years ago it was at least a year. I think that it is back to immediately. But you still need to have decent credit scores. The fastest way would be for you to reestablish your credit with a couple small credit cards and maybe an auto loan. The sooner that you reestablish your credit the better.

Foreclosure and chapter 13?

I don%26#039;t know all there is to know about this chapter stuff but...

I highly recommend against them. They cost money that you already don%26#039;t have, all they do is forstall the inevitable. You won%26#039;t be able to get a decent mortgage when you have mortgage lates on your current record. So unless you fall into a puddle of money there is not much that chapter 13 or any other will do to help you.

What you can do to stay out of foreclosure is call some re offices and see if they or any of their investors will buy you out of your home, back fees and all. Then you avoid the foreclosure, but of course you don%26#039;t get any money and you%26#039;d still have to move.

Best of luck,

Foreclosure and chapter 13?

Whatever you do dont let your house go into foreclosure. Do the chapter 13 before it goes into foreclosure. I%26#039;m a loan officer and we can do Chapter 13 buyouts 1 day out. But if trying to refi a foreclosure is the toughest thing to do. Any questions kmyers@lendsmartmortgage.com or 651-287-5334

Foreclosure and chapter 13?

Both are damaging to your credit. Likely the credit picture is pretty bad before either happen.

If you are in foreclosure you can file BK to slow down the foreclosure process. It does not mean you have stopped the bank from coming after the property. Just that you have put them on hold for a period of time.

There is not a lot of magic here. If you can discharge some of your bills from the Ch 13 and then could afford the mortgage then you might be OK. If you have a bunch of equity in the property you could be forced to sell or otherwise use that equity to make whole the creditors from the BK.

Credit repair is not going to remove legal actions on your credit file. They will stick for 7 to 10 years.