Posted on: 28th Jun, 2010 04:08 pm
chase home finance just notified me that once i filed chapter 13 bankruptcy, my loan basically went to a 0% interest rate....is this a chase only thing, or just how it works in a chapter 13?
Hi tinky!
Welcome to forums!
As far as I can understand, the 0% interest rate is an option given to you by Chase. It is not something typical of Chapter 13. Once you file Chapter 13 bankruptcy, the creditors and trustee will have a meeting with you and give you a payment plan with which you would be able to clear off the dues within 3-5 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, the 0% interest rate is an option given to you by Chase. It is not something typical of Chapter 13. Once you file Chapter 13 bankruptcy, the creditors and trustee will have a meeting with you and give you a payment plan with which you would be able to clear off the dues within 3-5 years.
Feel free to ask if you've further queries.
Sussane
Welcome Kimmy,
As 3 years have already passed, you should contact your present lender and apply for a mortgage refinance. He will check your present financial situation and your credit scores when you apply for a refinance. Getting lowest rates will depend upon your good credit scores. However, getting a refinance will depend upon the amount of equity that you have in your property.
As 3 years have already passed, you should contact your present lender and apply for a mortgage refinance. He will check your present financial situation and your credit scores when you apply for a refinance. Getting lowest rates will depend upon your good credit scores. However, getting a refinance will depend upon the amount of equity that you have in your property.