How does a chapter 13 buyout mortgage work?

We are in Chapter 13 bankruptcy, but have paid it down to less than $10,000. We can have a lower mortgage payment if we refinance and pay off the Ch. 13. Is this a good thing to do?How does a chapter 13 buyout mortgage work?
I Disagree with the last answer...The loanger you take to get out of bankruptcy, the worse it is for your credit..





I would suggest doing the buyout, and set up on a 2/28 mortgage. It is a 2 year ARM program, with no prepayment penalty..





You may have ahigh rate for the first two years, but at the end of the 2 years, once your cresit score has improved, you refinance again into a lower rate..





You need to make sure that in the 2 years, you dont pull your credit, apply for any loans or credit cards, MISS ANY PAYMENTS, or anything else that will hurt your credit...





I dont know if you have found a lender specializing in bankruptcy buyout, but i work with multiple investors that focus strictly on bankruptcy buyouts..





My name is Jason Fry, i work for Providential Bancorp, and am licensed in almost all states..


I work with a portfolio of over 60 investors, and guarantee one of our subprime lenders can qualify you...





Feel free to give me a call at 312-264-6448, or email me at jasonf@providential.com...





Thanks, and good luck to you!





Jason FryHow does a chapter 13 buyout mortgage work?
It is a good start to rebuilding your credit, but you have to look at how high of a interest rate that the refi will be for you.


If it is extreem then the chances are that you might want to rethink that and keep paying the way you are now.


The high risk loans can get you in more trouble than if you just rode this out and then got a better deal later.