Posted on: 22nd Oct, 2008 08:20 am
my ex-husband and i have divorced and i have taken over the mortgage his name is still on the mortag..my husband and i are divorced and i am living in the property but he wants his name off and no obligations of any sort to the property,i am in chapter 13 and dont know if i'm elgible to refinance even though i have taken over the mortgage,what other alternatives do i have right now?
Hello taftgeba,
It is my understanding that once you have been in a Chapter 13 case for at least six (6) consecutive months (this time frame depends on your lender) and have made your plan payments to the Trustee on time, you may be eligible to refinance your mortgage.
Let us know if you still have more questions.
Good luck. :D
It is my understanding that once you have been in a Chapter 13 case for at least six (6) consecutive months (this time frame depends on your lender) and have made your plan payments to the Trustee on time, you may be eligible to refinance your mortgage.
Let us know if you still have more questions.
Good luck. :D
The only challenge you will find is that it is a much more difficult process b/c the trustee has to approve the refinance and if they feel that you are not benefiting from the refi, then they will not allow it. Of course, you want to make sure it is beneficial to you before you refinance, it is just the added hassle of "getting permission" from a trustee that is not always that concerned about "good customer service". In my experience, it is not a quick process, but it can be done. You need to work with an experienced loan officer so that the transaction goes as smoothly as it can.
