In Chapter 13, Can I do a streamline, or refinance?

[iwantbettercredit]

Hi, I am in a chapter 13. Just wondering if I can still refinance through a streamline or through the Harp program from a fha to a fixed? I am now a 4.25% fha, the harp is offering to go you our of a fha into a fixed 3.25% I believe through quicken loans. Would it be worth it?

My 13 is a 100% payback, which I am 3 quarters of the way finished with.

[krielly]

You can WITH permission from your trustee.

As you are in 100% repayment plan, there should be no issues, but you need to get the trustees approval.

[iwantbettercredit]

Awesome Thank you!

[thisladyz]

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@krielly wrote:

You can WITH permission from your trustee.

As you are in 100% repayment plan, there should be no issues, but you need to get the trustees approval.

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Yes, and might I add, it will be easier to do it while your still in BK than wait until you are discharged. I had a devil of time trying get refi thinking I would be better off waiting until my CH13 discharged. You will have to wait (most times) until you have been discharged for two years before they will touch you. A few will do one year after for VA loans.

[StartingOver10]

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@iwantbettercredit wrote:

Hi, I am in a chapter 13. Just wondering if I can still refinance through a streamline or through the Harp program from a fha to a fixed? I am now a 4.25% fha, the harp is offering to go you our of a fha into a fixed 3.25% I believe through quicken loans. Would it be worth it?

My 13 is a 100% payback, which I am 3 quarters of the way finished with.

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Good idea to do a HARP refi during your Ch 13 with trustee approval however, if I were you I would not go through Quicken Loans. They have excellent marketing and are really pushing the HARP, but Quicken is terrible if your file has any bumps (like your Ch 13). Qucken does well with extremely clean files only - no bumps in the road. They will run you right up to closing and then turn you down. You don't need that heartache during a Ch 13. 

Go to another lender for your HARP refi, not a big box bank but a mortgage banker that originates, underwrites and funds their own loans. You will get through the process much more smoothly.  

[mavric]

Make sure the lender has no overlays.   ,like credit score, LTV  and ask upfront if ch 13 is OK.

   I have been down this road and it will take 60-90 days or more  with everthing that has to happen.

  One thing that happen to us was payment history. Need 12 months on time payment history to do a HARP.

          WE had arears that the suntrust only claimed 1 month  should have been 2 months so we had a  30 day late for 42 months

  If you had any aarears in your ch13 make sure that been paid 12 months ago. 

     if you have a 2nd ,that will have to be delt with.    we used loan depot . 

it can be done in ch 13      PS.. read up on HARP