Here's our situation...
filed chap 13 in 09/05, discharged 09/08.
Kept our autos, home and our rental property out of bk. Trustee agreed to letting us catch up on past due payments on the rental property after our discharge by adding the amount we were paying trustee to the mortgage payment. OR we were told we could get properties refinanced.
Info: Home value $150,000; Owe $61,000; monthly payment $460
Rental house value $90,000; Owe $72,000; monthly payment $560 plus adding $650 each month ($1210)
Rental income $1100 (3 apt. units were made in this big house
Salary income: mine $36,000 (3 1/2 yrs. on job) husband $62,000 (2 years on job) total $98,000
Debt: Auto loan $18,000 (opened 11/08) payments $400 (no payments on scorewatch yet)
Score watch this week: mine 627; his 640
We don't have a savings account. We have been putting our money into house renovations.
We had been self employed before we filed ch 13 and saw the business was not going to make it.
We would like to refi on both properties and hope to get cash on the equity for more home improvements.
Would it be realistic to hope for 80% refi? And finance the closing costs?
Do you think we would be able to reduce our current mortgage payments of $1670 AND have the equity
from the properties to put back into them?
I guess I am "second guessing" my intentions and hopes and want to get others advice.
Thanks in advance.
