Posted on: 09th Apr, 2009 10:54 am
I am in the first year of a chapter 13 bankruptcy. I am also in my 4th year of 5 year arm loan for my home. I want to get a fixed loan. I have never missed or been late for a mortgage payment. Can I get a fixed rate loan?
hi clevelandchop!
welcome to forums!
an arm can be converted into a fixed rate loan. if one year has passed since your bankruptcy was discharged, then you can try for an fha refinance. however, if you want to get a conventional loan, then you will have to wait for 2 years.
sussane
welcome to forums!
an arm can be converted into a fixed rate loan. if one year has passed since your bankruptcy was discharged, then you can try for an fha refinance. however, if you want to get a conventional loan, then you will have to wait for 2 years.
sussane
With an FHA loan you can do a refinance while in chaperter 13 but you need to have 12 months of on time payment history for the bankruptcy. If you do have the 12 months payment history then in order to refi you would have to buy out the chapter 13.
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