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I have a 50000 balloon due may of 2010. This is from a loan generated from an out of plan Chapt 13. I do have equity in house. House ballparks at 200m, and 1st mortg. at 75m. Is best option to refi, or will bank work with me on stretching out ballon amt.

eric1 · Posted: Sun Nov 01, 2009 5:59 pm Post subject:

The bank probably will not extend the loan for you. I would work on getting yourself approved for a new loan. Do whatever you have to do to clean up your credit before March.

jveenstra · Posted: Mon Nov 02, 2009 9:58 am Post subject: Refinance

You appear to have equity in the property so refinancing appears to be an option, however, refinancing depends on a few other qualifying factors;:

1. What is your credit score
Pretty soon the minimum credit score will be 620 for FHA and conforming mortgages. If your credit score is not over 620, refinancing may not be an option.

2. When was the Chapter 13 filed and discharged, or, is it still open and you are still paying in the Chapter 13?

3. Is income enough to qualify for the new mortgage?

If you have no choice of refinancing due to low credit score, etc. the only option left will be to ask the bank if they will extend the terms of the second mortgage.

Company	Loan Type	APR	Est. Pmt.
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