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Immediately after chapter13

My chapter13 will finalize in 2 months, August 2021. Have 2 top notch rentals i just remodeled to like new on the same block in a small AZ town. Combined value is approx $275k. Need to finish a third (not included in above number) so looking for a cashout refi to lower my interest rate from nosebleed back to something more realistic, and replenish my remodel capital . Owe $150k. Looking for 80%. Semi retired self employed, credit is horrible, income includes rents and my ss, occasional commissions. Bank statements show steady depletion of savings as I remodeled these over the last 2 years. Anyone have anything? by Noplacelikehome104 from , California. Jun 5th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

Possibly. There are a lot of moving parts, but with a better picture I can tell you what might be possible. You will need to be 24 months and one day out of the discharge of your Chapter 13 before you will be able to close escrow. You say your credit is horrible. Coming out of a 13, I must assume you mean your credit report / scores are horrible. The 13 should have put you in a much better position credit wise. I am based in AZ and would be happy to take a look at exactly where you are in terms of qualifying. With two months to go before you are eligible, we should have time to get your credit report cleaned up. Reach out to me and let's see what we can do.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000

Jun 6th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

The reality that there are mandatory waiting periods after major negative credit events like a bankruptcy where lenders expect you to now show a proven track record of on time and successful payments. I'll never say never, but getting any mortgage loan with a bankruptcy less than 2-years old is going to be extremely difficult. I lend in MN WI IA SD ND. Find me at - NMLS 274132 Cambria Mortgage

Jun 7th 2021
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