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Refinancing Mortgage after discharge
Q. I had my 341 meeting on July 8. Just like Brett keeps saying, no one showed up. The trustee found my Chapter 7 case to be an "Asset" case because I have some equity in a couple of properties. He has offered to let me keep my house if I can come up with $21,000. My attorney is trying to negotiate this down a little and the Trustee has actually offered "terms" allowing me to pay 1/2 up front and the rest over the next 12 months. My question is this - Are there lenders that will consider loaning money to someone right out of bankruptcy. I'd like to refinance my house (or take out a second mortgage) immediately after discharge so that I can pay the Trustee the remainder and pay back my 401K plan for the first 1/2 of the $21,000. After the discharge, I'll have no debt except the mortgage and a car payment (for which I get a car allowance from my employer). I've got 5 years on the job and have never been late on the current mortgage or the car payment. Has anyone out there done this?
A. There are lenders who specialize in "sub prime" loans. Speak with your attorney; he may have some names
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