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Is there any way to get a house loan refinanced after filing bankruptcy?
I have completed filing for bankruptcy, but am interested in refinancing my home loan for lower payments during the process, because they are currently my largest per month. I am worried that my petition may not be granted, and I will be forced to make continued payments through Chapter 13 bankruptcy or on my own after dropping the case. Is such refinancing possible?
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Answers
The possibility of refinancing a home loan to achieve lower payments is extremely enticing for those going through the bankruptcy process. Every dollar is important in times of financial crisis, but there are many individuals, groups and businesses that use that desperation to their advantage through loan modification and refinancing scams.
The actual process of refinancing a loan during or after bankruptcy is no different than prior to filing. The only difference takes place in the information provided to complete the process. During or after a bankruptcy, the party refinancing a debtor’s loan will be aware of their situation and will adjust their terms accordingly. These adjustments to home loans after bankruptcy are not likely to yield profitable results for the debtor.
But these negotiations do take place, they should always proceed directly with the lending party. Dealings through a third party, or suggestions for quick lump sum payments are red flags for possible loan or bankruptcy scams.
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Posted by Greg Cohoat on 09 Jul 2010
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