Bk and foreclosure?

Question:

I live in california. We purchased a 2nd home in Sep last yr because we thought we would be able to sell our condo in a year. After we have paid about 7 months in mortgage payments for the 2 properties, and waiting for someone to buy the condo that has been on the market for 5 months, we have decided to file BK 13 in June. I am also foreclosing the condo. my problem is, our payment on our current house will change next yr because we are on a 2/38 . I want to be able to refinance then but dont know if anyone will be wiling to do our loan

Answer:
I'm in Southern California. I help people who are in foreclosure. Contact me to see what your options are. From what you state, I can see if I can buy your house before it gets foreclosed on.

Regards

I know someone who maybe able to help you.
Send an email to joni.duran@gmail.com

I know her, she helps with problems like that. Tell her Dan sent you

Dear Worried Mommy:

Before you listen to all those that will say I can do this no problem, keep this in mind. Since you filed for a BK, you will need to find a lender that will do a Chapter 13 buyout. This being the case, your LTV will be greatly reduced so before you speak to an invester cut to the chase and tell the lender:
1. I have filed a chpt 13
2. Ask what the Max LTV that you can go up to.
3. Tell the lender what your payment history is in the last 12 months.
4. Find out if you can go full doc or stated.

My guess is that you have to sell instead of refinaniing because your LTV is high since you recently purchased. But its a catch 22 since by being in BK status your LTV is reduced. Good luck!

There should be many local real estate agents in California that specialize in what is called a short sale they contact the lender and negotiate a settlement term and the lender allows you to keep your home on the market. As I am a mortgage professional and would recommend that you do this vs a foreclosure
there are lenders who would help you do that loan but with the bk it will be a double whammy and vary difficult to obtain affordable financing. The lender also may require that the chapter 13 be paid off prior to closing.
hope this helps

Bk and foreclosure?

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