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Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hi I and my husband live in a home we have had for 3 years.He

Customer Question

Hi I and my husband live in a home we have had for 3 years.He bought it under his name because my credit was under par due to Hurricaine Katrina and its related financial problems from the aftermath. The loan is now up for adjusting and we will not be able to afford the rate when it adjusts up to 13 percent. We have two good jobs and income that are solid. I am a nurse and he is a background investigator with the government. He is also a veteran of several wars. I am in a chapter 13 because of my destroyed home in Louisiana so they cannot use my income to refinance. We need help as we want to keep the home and are willing to pay what we need to within our budget.I have contacted my trustee and now need to be directed to a lender that is willing to refinance us.Please help. Thank you Christine Townsend
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

In the scenario that you described it is very unlikely that you will be able to find a lender to refinance at a lower rate. Instead, consider a modification of the loan that is about to adjust.

A lender will typically modify a loan to mitigate its losses. In this economy the lenders are usually willing to modify the loans to bring them into a performing status. However, if the loan is fully performing, it is very unlikely that the lender will give you any meaningful assistance.

therefore, you will likely need to fall behind on your loan before the lender becomes willing to work with you.