Posted on: 13th Mar, 2010 06:21 am
how do you negotiate with your lender when you are in a chapter 13 bankruptcy? we did not include our home (which has a 1st & 2nd). we are not able to make payments since our arm spiked and the trustee payout. we are trying to convert to chpt. 7, but if we could refinance our arm and keep our home we could continue to make payments. we cannot talk to anyone because they say we are in bankruptcy and will not let us talk to anyone in supervisory position.
It is true that as you are in bankruptcy, the lenders will not be ready to talk to you in regards to your home loan. Once your bankruptcy is discharged, you would be able to negotiate with your lender for a refinance. If you have the required credit score and equity in your property, then you would be able to get a refinance.