topic Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it? in Rebuilding Your Credit

Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

Anonymous — Sun, 26 Sep 2021 20:28:41 GMT

I have been in my chapter 13 repayment plan for about 16 months. My roof needs to be replaced. Badly. I do not have the cash reserves to do this. My lawyer says the trustee will generally approve loans for serious home repairs but I have no idea where I'd go about getting one. Do I get estimates and shop around? Who is likely to finance something like that in an active 13? My FICO 8 scores 558, 562, and 585. I am taking steps to repair my credit and one that was suggested to me (and that my lawyer said is worth investigating in my circumstances) is refinancing my house to pay off my chapter 13. But I feel like there is no way I could get appraised to make it worth it with my roof the way it is.

I am so stressed over this. Any suggestions/advice welcome.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

FireMedic1 — Sun, 26 Sep 2021 22:18:26 GMT

For things necessary for living (roof, plumbing, a/c repairs) are generally approved. You will have to go to the Trustee for approval for taking out a loan. Generally, they review what you need and analyze that against your budget and plan payments and make a decision mostly on necessity and then on ability to pay. There are some companies that do special offers. Though make sure they do not list it as a consumer finance loan.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

Steveo777 — Sun, 26 Sep 2021 23:06:28 GMT

Maybe an FHA Title 1 Home improvement loan? If I remember correctly the criteria wasn't too strict. Research that and maybe make some calls to those who originate them.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

FLLGuy — Mon, 27 Sep 2021 01:06:02 GMT

@Anonymous wrote:
I have been in my chapter 13 repayment plan for about 16 months. My roof needs to be replaced. Badly. I do not have the cash reserves to do this. My lawyer says the trustee will generally approve loans for serious home repairs but I have no idea where I'd go about getting one. Do I get estimates and shop around? Who is likely to finance something like that in an active 13? My FICO 8 scores 558, 562, and 585. I am taking steps to repair my credit and one that was suggested to me (and that my lawyer said is worth investigating in my circumstances) is refinancing my house to pay off my chapter 13. But I feel like there is no way I could get appraised to make it worth it with my roof the way it is.

I am so stressed over this. Any suggestions/advice welcome.

I was in a similar situation during my 3rd - 4th year into paying BK13. My HOA was threatening to fine me and place a lien on my home if I neglected to update my house windows. Called my attorney then asked I show an estimate, she filled out the form "permission to grant additional credit or something of the sort". I applied to Lowe's as they were easiest to get approved for house work and next day paperwork sent to trustee then approved within 48-72 hours. Trustee will approve (no doubt). Just curious, are you able to get an insurance claim to help cover the roof work? Just a thought to help offset some of the costs either through your reserves or financing.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

Anonymous — Mon, 27 Sep 2021 02:33:02 GMT

I don't think insurance would do anything. I'm pretty sure they upped my premium this summer looking at the roof from the OUTSIDE. Lol. Which is impressive because I can't even see anything wrong but I look from the ground. Maybe they got up there.

It has gone way longer than it should have. I had health issues and left my job in September 2019, then the pandemic, so I was out of work over a year. It's been leaking for a year and I've been having to just throw a bucket under it when it needs it. I am embarrassed. I filed chapter 13 to save the house. My few credit cards were maxed using them for general living expenses while off work so those were in the BK too.

I started working again in February and I am able to save a little for the first time in my life. But it's not anywhere near enough yet. Taking any credit TERRIFIES me now and I am scared of missteps and equally scared of how expensive the damage may be on top of the new roof. I want to kick myself!

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

fishbjc — Mon, 27 Sep 2021 17:38:23 GMT

My insurance company approved my roof for full replacement last fall. I just paid the deductible plus the upgrade of $1500 for the better roof.

You'll need to find a roofing guy who understands your states insurance laws.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

FLLGuy — Mon, 27 Sep 2021 19:14:42 GMT

@Anonymous wrote:
I don't think insurance would do anything. I'm pretty sure they upped my premium this summer looking at the roof from the OUTSIDE. Lol. Which is impressive because I can't even see anything wrong but I look from the ground. Maybe they got up there.

It has gone way longer than it should have. I had health issues and left my job in September 2019, then the pandemic, so I was out of work over a year. It's been leaking for a year and I've been having to just throw a bucket under it when it needs it. I am embarrassed. I filed chapter 13 to save the house. My few credit cards were maxed using them for general living expenses while off work so those were in the BK too.

I started working again in February and I am able to save a little for the first time in my life. But it's not anywhere near enough yet. Taking any credit TERRIFIES me now and I am scared of missteps and equally scared of how expensive the damage may be on top of the new roof. I want to kick myself!

@Anonymous- See if you prequalify for Lowe's (soft pull) it's financed through Synchrony Financial which are BK friendly. If you decide to apply (hard pull) and you're approved make sure you call immediately into their customer service and ask for reconsideration for a higher limit always shoot high. They will counter offer you if you don't get the limit you're asking for. Lowe's does offer roofing professional services you can also ask them to come by and give you a free quote.

Lowe's Prequalify link: https://apply.syf.com/eapply/eapply.action?clientCode=LOWES&preQual=Y&sitecode=lwcp56bpn

Wish you the best - i know it's not easy but if the will is there then there's always a way.

Re: Active Chapter 13 and need a new roof. Is there ANYWHERE I can finance it?

jmw1 — Mon, 27 Sep 2021 19:49:17 GMT

@FLLGuy @Anonymous

OP might not qualify for Synchrony based upon my experience. If you burned Sync and it's less than 24 months from date of BK filing, it will be denied. I'm not sure if the 24 month rule still applies if Synch was not IIB. They're forgiving, but they don't like to be the first credit grantor in the CH13.