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Personal Loan

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Personal Loan

Help! My brother is 2.5 years into Ch 13 and is temporarily behind on mortgage (mortgage wasn't included)..looking to borrow 15k..makes good income (100k) but need it rather quick before notice of default is filed (loan mod already done?)..I wish I had it for him!! Any suggestions????
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Super Contributor

Re: Personal Loan

Any equity?





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 4
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Re: Personal Loan

No, not much..pretty new. R u thinking a refi or something?
Message 3 of 4
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Super Contributor

Re: Personal Loan

Since there's a Chap 13 in place. Any loans have to get permission from the trustee. The Federal Housing Administration accepts refinance applications from people in Chapter 13 bankruptcy provided certain conditions are met. You need to have made your plan payments on time for at least 12 months. You need a credit score greater than 580 with no post-bankruptcy derogatory entries on the credit report. You also need a debt-to-income ratio – the debt obligations you pay each month relative to your monthly income – of no more than 43 percent. The Department of Veterans Affairs and Department of Agriculture also refinance eligible homeowners who are still in Chapter 13.

 

 





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 4
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