Feed: Refinancing Mortage during Bankruptcy? - AggScore: 10.5

Refinancing Mortage during Bankruptcy?

---

div stylefloatleft padding 12pxa hrefwpcontentuploads201011homelendersrefinance96.jpgimg srcwpcontentuploads201011homelendersrefinance96.jpg title alt adivdivemstrongDonstrong asked embrbrbrIll make this quick. Do to some circumstances my wife and I fell behind on our mortgage. Our lender is countrywide. We have a 100 financed subprime loan with an 8020 ARM and prepayment penalty. A piece of trash loan I know, we know better now Also there is another Lender...Franklin Credit which makes up the 20...We filed for bankruptcy in 2006 and have been making payments for two years now...due to the economy and a few unfortunate illnesses we were not able to stay current on our chapter 13 payments...so there was a motion filed by our trustee to close the bankruptcy unless we could become current by a certain time.....When we contacted our lawyer he told us that we had three options...1.bring the payments current9,000.00 of course we dont have that...2.Let the bankruptcy go and hang on until foreclosure on our house starts then try to start another chapter 13....3.Modify our current bankruptcy and pay them a fee to file this motion...go get chastised by a judge...and make our payments higher.Oh I guess there were four options...4.convert to chapter 7....At the time the bankruptcy was initiated there were no problems in making the payments....but then the bottom fell out...I am in transportation....my overtime was cut to 0....my wife has had a significant reduction in hours and I had a surgery that kept me out of work for two months...all of this has led to the fall behind.....Ok so I have two questions relating to this situation.....1. CanShould I try to refinance the loans during the bankruptcy...The mortgage payments are made through the trustee....but we still get statements from countrywide....our current statement is 3000.00 a month UNBELIEVABLE.....If we cant refinance there is no way we can afford this ridiculous arm after the bankruptcy...2.Will president Obamas new plan help us during bankruptcy...we dont know what to do...stay here pumping money into bk13 that was primarily done to save our home that we may not be able to keep after the bk....or convert to chapter 7...let it all go...uproot our family and start over...or possibly get some help from Obamas new plan.We need guidance...we are good people with good jobs...good family...and good morals...we were admittantly irresponsible in money management...we own our part and we have drastically changed our lifestyle....but we were also taken advantage of as first time homebuyers so we want them to own thier part as well....Please anyone who can give advice on my situtaion would be greatly appreciated...please dont soilicit us...we are in trouble...our family is in trouble as many others...we need good soild,honest advice to get back on track.....Thank You.brbra hrefToddadiv

free credit score

---

For a place to compare Free Credit Scores and Reports, FICO Scores, and Credit Monitoring Services, they have comparison chart to do this.

free fico score

---

One of the few places to get a free FICO score online. Also see your credit reports and scores from all three bureaus for free.

three credit report

---

Your onestop destination for the best credit report services on the net. Thru these services you can get All 3 Major Credit Bureau Reports Scores for Free. See your free 3 credit report as well as your FICO score.

3 credit report

---

3 credit files contain errors not found in the others.See your complete credit picture with your free 3 credit reports and scores from Equifax, TransUnion, and Experian.