Posted on: 02nd Sep, 2009 02:29 pm
WE JUST FILED 13 AND WAS ADIVSED TO GIVE UP OUR HOME, WE OWE MORE THAN ITS WORH, WE ALREADY HAD A LOAN MOD WITH A LOWER PAYMENT BUT NOTHING ON THE PRINCPLE. DONT WANT TO LOOSE BUT SEE NO OPTION. CAN YOU GET A NEW LOAD WHILE IN BK NOT DISCHARGED YET AND IS THERE LOAD AVAIABLE?
hi cowgirl!
welcome to forums!
if you file chapter 13 bankruptcy, you won't have to surrender the property. rather, you should apply for a repayment plan with your lender. depending upon your financial situation, the lender would give you a payment plan which will help you in paying off the dues within 3-5 years.
you won't get a loan when you are in bankruptcy. as you've filed for chapter 13 bankruptcy, you will have to wait for 2 years after the discharge to get a conventional loan and 1 year after the discharge to get a fha loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you file chapter 13 bankruptcy, you won't have to surrender the property. rather, you should apply for a repayment plan with your lender. depending upon your financial situation, the lender would give you a payment plan which will help you in paying off the dues within 3-5 years.
you won't get a loan when you are in bankruptcy. as you've filed for chapter 13 bankruptcy, you will have to wait for 2 years after the discharge to get a conventional loan and 1 year after the discharge to get a fha loan.
feel free to ask if you've further queries.
sussane