wondering about chapter 13 discharges

[Anonymous]

my husband and I have 4 months left on our chapter 13 and it should be discharged.   our plan was 50 months.   we have been paying 1st and 2nd mortage on our house and a another mortage payrment for another house he is the primary borrower on.  never been late and wasnt late when we filed,  we had medical bills for our son that caused us to have to file at that time.

   we want to sell both properties and purchase another house once we have discharge.   we were approved for a  refinance last year but didnt go thru with it because the trustee wanted to increase the plan payments at that time so we declined with the lender after getting court approval.  

   My question is,    will making all the mortage payments all this time  with out being late during BK help our credit score? and does anyone know if we would be able to get a new mortage if we sell our 2 existing properties?   we anticipate having about $20000 for a down payment for a new mortage.

[Anonymous]

Yes, payment history on the mortgages makes a HUGE difference.

So will the payment history on other accounts.

$20k down will help (the more down, the better the chances/rates).

Mortgages have FICO minimums, and rate tiers based upon FICO.  But your actual CR contents, BK disposition, payment history past several years, income and debt to income will be the defining factors.

If you were approved for refi last year, this provides evidence of good chances.  The fact that you will reduce debt by selling the existing properties (eliminating 3 mortgage payments) and be putting a nice down payment will also be good for the new mortgage, unless you are going for a really big mortgage.