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I live in Philadelphia, PA - Have been in a Chapter 13 Bankruptcy

for 3 years now;...
I live in Philadelphia, PA - Have been in a Chapter 13 Bankruptcy for 3 years now; My house and car were NOT included in the plan. I continued to pay those every month - on time. My car just got paid off last month. I pay the mortgage but when I purchased my house - my sister co-signed with me. She is now engaged & her & her finance cant get enough money they need for their own mortgage bc she's on mine. How can I get her name removed to help?? Am I allowed to Refinance? With or W/O Courts Approval ?? And what are the chances my Credit Union will let me refinance w/ just MY NAME at this point - knowing I am in Chapter 13 ?? UGH UGH
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Answered in 3 minutes by:
11/20/2013
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

you are allowed to refinance.

Customer:

I have a Lawyer, obviously, since I filed Bankrupcty -- not sure IF he knows ALL options - I heard there MAY be processes in different states that MAY help me .....

Customer:

I am allowed to Refinance though at this point ????

Customer:

Do I need Courts / Trustee Approval ??

Terry L. :

This is subject to court approval, so you would bring a motion to permit it when you have a deal

Terry L. :

worked with your lender

Terry L. :

This is a pretty standard request

Terry L. :

As long as the terms are reasonable you should be fine

Customer:

So, I go to my Mortgage Lender FIRST -- then to the Court for Approval ???

Terry L. :

yes, you need to attach the proposed refinance to the motion

Terry L. :

correct

Customer:

One more question ...IF I have someone that would take the place of my sister as the Co-Signer ....Can that happen w/ some sort of paperwork w/ the Mortgage company OR I still have to do a Refinance to make that happen ? That is basically the only way .....

Terry L. :

It's up to the lender though if they will let you refinance with just your name. You can shop that around between lenders too

Terry L. :

It's usually done thru a refinance

Customer:

OK...Thank You... I wasnt sure IF I had to get Court Approval FIRST before trying to get a Refinance ......

Terry L. :

You would need to get the bank in line first, otherwise you have no info for the judge.

Terry L. :

judge wants to know interest rate, payment amounts, balances etc.

Customer:

Ohhhh OK ..... And, I can "shop" around w/ other Mortgage companies ???

Terry L. :

sure thing

Customer:

Do you know of any companies off hand that work with people in my situation that would consider doing the Refinance - for someone in my situation ???

Terry L. :

It really is a case by case basis. income/expenses etc.

Terry L. :

There are companies that will, especially if their is equity.

Terry L. :

Your lender is the best place to start though.

Customer:

OK...thanks for that information! In the meantime, Ill keep playing the Lottery! haha ....

Terry L. :

Great

Terry L. :

good luck

Terry L. :

please click accept to rate my answer

Terry L. :

thanks

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
2,914 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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