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Texas A6 Loans

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joy2801 Guest	Posted: Wed Jun 16, 2010 11:14 am    Post subject: Texas A6 Loans Like 0 Dislike 0 I have a house that was refinanced when they first did the A-6 loans and the rules weren't even "set in stone" - seemed like they kept changing them - couldn't make up their minds! After we did the cash-out loan, we put a second mortgage on the house for improvements (windows, siding, etc.). Here's my problem - since we did that we have never been able to refinance the house (the combined total of both loans was over 80% of the appraised value). It is now below the 80% mark but we have been in Chapter 13 bankruptcy since Nov. 2006. I just pulled our credit reports, and mine is 666, and my husband's is 684 (this is with Equifax - I pulled mine for Experian and it was 762 - the system wouldn't allow me to get the score for my husband - I am surprised at the difference!). Is there a bank out there anywhere that will make a loan (guess it would have to be another A-6 loan) to someone while in Chapter 13? Not ever being able to refinance is what finally pushed us to file - seems like the more we tried to avoid it, the worse it got. Our current interest rates are 8.25% on the first lien and 10% on the second lien. Thanks for your help!! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Jun 16, 2010 11:28 pm    Post subject: Like 0 Dislike 0 Welcome joy, As you are in Chapter 13 filing, you won't be able to get a mortgage now. You will have to get your bankruptcy filing discharged first and then look out for a mortgage. You should also note that you won't be able to qualify for a mortgage immediately after the discharge of Chapter 13. You'll have to wait a year in order to get a FHA loan and 2 years to get a conventional loan. _________________ Procrastination is the enemy of your financial success
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Wed Jun 16, 2010 11:32 pm    Post subject: Like 0 Dislike 0 joy2801, It is the hard truth that No bank will finance (or even refinance) to a person who is currently on chapter 13 of BK.So I will be amazed if you could be a exclusion. waiting for your reply _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
joy2801 Guest	Posted: Thu Jun 17, 2010 8:58 am    Post subject: Texas A-6 Loans Like 0 Dislike 0 Thanks everyone for the replies. That's what I was afraid of.

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