Bankruptcy

What is the name of your state? colorado

i am in bankruptcy. how can i get my mortgage refinanced to a lower more affordable interest rate? is there any companies out there to help me out? my past credit is good but due to circumstances i had no choice but to file chapter 7. i do not want to lose my home. could someone please get me some advice as to where i can turn? thank you.

[Ladynred]

When did you file for bankruptcy ? Where are you in the process ?

Have you had your 341 meeting yet ?

If you're in the middle of your BK, you're not going to be able to get any financing until after your discharge.

I don't know what a 341 is but I filed about 5 weeks ago. I have my first court appearance on June 20th. Why won't companies refinance while your in bankruptcy? It seems to me that they would realize that your in a better position to pay them since your debts are going to be discharged assuming that they will be discharged. How long does a discharge take and do you know of any companies that would refinance at a lower rate. It seems to me that if companies want paid that they would work with you because its still money in there pocket. I never wanted to do this it was my last option. Thank you for responding so quickly.

[Ladynred]

Your meeting on the 20th IS your 341 meeting, the meeting of creditors.

Once you file, you are NOT allowed to incur any new debt, the Trustee will not usually allow it. You can't refinance now, not only for that reason, but until you actually DO get your discharge, 60-90 days AFTER your 341 meeting, then your debts have NOT be cleared yet.

After your discharge, you'll not find ANY conventional loan at a reasonable rate. I know it doens't make a lot of sense since you've been cleared of your debts, but that's the way it works. The banks will see you as a high risk. If you rebuild your credit wisely and keep your credit squeaky clean for 2 years, you should be able to qualify for an FHA loan.

Are you going to be able to reaffirm your current mortgage ? Are you current and can you contine to afford the payments ?

[Son of Slam]

I would suggest you let your son handle your financial affairs, as he seems to be the one with the brains in the family.

Son of Slam: You are such a no class idiot. Real attorneys have more class than to post the crap that you do. Get a life!