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The Fresh
Start
Program
Why pay off your
chapter 13
Bankruptcy?
There
are many reasons
why you would
want to pay off
your chapter 13
bankruptcy.
Lowering your
monthly payment,
getting cash for
a worthwhile
purpose and
re-establishing
your credit are
the ones we see
most
frequently.
We are
often able to
reduce your
monthly payment
substantially by
consolidating
your mortgage and
Trustee payment
into one. We will
custom tailor a
mortgage
that suits your
specific financial
needs.
Many homeowners
maximize the benefits
of their refinance by
taking out additional
cash. This is
particularly important
when using mortgage
loan refinancing to pay
off a Chapter 13. As
you know, creditors are
extremely reluctant to
lend to anyone in an
open or recently
discharged bankruptcy.
Most customers take
cash out for reserves,
home improvements or to
purchase a car.
Our Credit
Rehabilitation
Mortgage
We generally recommend
that our customers
refinance
into a mortgage that
offers a fixed interest
rate for two years.
This loan has the
benefit of an interest
rate that is
approximately 1% lower
than a longer term
fixed rate loan.
Our Credit
Rehabilitation
Program is the
first step of a
two-step process.
Immediately after
paying off your Trustee
we assign your file to
our Credit Repair
department.
Our Credit
Analyst starts
working on repairing
your credit to insure
that your credit report
is reflecting your
situation in the best
possible light. Often
creditors do not report
the status of your
account correctly,
which has an adverse
impact on your credit
score. Our Credit
Analyst will also
recommend several
companies that will
issue a credit card to
accelerate the credit
rebuilding process.
The second step of the
process is to refinance
again into a
competitive fixed rate
loan. Generally after a
two-year history of
timely mortgage and
debt payments you will
be eligible to lock in
a competitive, long
term, fixed rate
loan.
The Process
Mortgage loan
refinancing to pay off
an open Chapter 13 is a
complicated process
that requires
expertise. We pride
ourselves on having
successfully refinanced
more than 100
homeowners who were
previously in a Chapter
13 bankruptcy plan.
We have learned
through experience that
there are several
precautionary steps
that must be taken to
insure that the process
runs smoothly. These
include court approval,
trustee history and
post petition mortgage
payments.
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