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I am considering filing bankruptcy. In 3 years my 5 yr ARM

Customer Question
on my home mortgage is...
I am considering filing bankruptcy. In 3 years my 5 yr ARM on my home mortgage is up. Will the bankruptcy effect rolling over the mortgage to a 30yr fixed?
Submitted: 8 years ago.Category: Bankruptcy Law
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6/6/2009
Bankruptcy Lawyer: Maverick, Attorney replied 8 years ago
Maverick
Maverick, Attorney
Category: Bankruptcy Law
Satisfied Customers: 6,425
Experience: 20 years of professional experience
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Because the BK will effect your credit rating, the rate you get on the mortgage may go up significantly to where the switch may not be feasible, even assuming that you stay current on your mortgage the whole time. Please click "ACCEPT" so I can get credit for my work. We can continue our conversation after this at no additional charge.
Maverick
Maverick, Attorney
Category: Bankruptcy Law
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Experience: 20 years of professional experience
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Customer reply replied 8 years ago
Would this happen even if we just let the loan alone without trying to refinance. As is it, after the 5 year arm is up, the loan will going into a 25 year fixed with a 2.95 margin with the libor index. Would our b/k still affect it, even if we choose not to touch the loan? Depending on what the market does over the next 3 years libor might not be such a bad option.
Bankruptcy Lawyer: Maverick, Attorney replied 8 years ago
The answer to that question would be found in your loan agreement. If the clause concerning that says nothing about your credit rating having to be the same or somethiong else to that effect, then you should be okay to file BK.
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Maverick
Maverick
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