I'm paying on a chapter 13 bankruptcy. My mortgage interest rate is 11%. Are there any programs out there that can help me lower my rate?
I agreed to re-fi my mortgage at 11% to pay off some debt. The lender (Beneficial) said that if my payment history was good after one year they would lower the rate to the current rate at the time. They lied. During that year period they closed all of their branch offices and when I called their parent company (HSBC) they said that they didn't offer that program any longer. My wife and I started to have some financial trouble when I got hurt on the job and lost additional wages. We contacted HSBC for some relief on the interest rate but they said we made too much money to qualify for a hardship rate reduction. This lead to the banruptcy so that our family could stay in the home. Selling is an option just to get out from under the huge interest rate but won't provide any immediate relief due to the soft housing market. Just wondering if there are any lenders out there that can help or will I have to be fully discharged from the chapter 13? Thanks,
(0) | asked by: Judith Meade | share | 65 months ago | Report
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With being in the bankruptcy and if the mortgage history is no paid separately, there regretfully not any mortgage products available for a refinance. Try calling the HOPE Hotline at 888-995-HOPE. They are housing counselors that are free and can help walk you through potential modification of your mortgage terms so that they are more affordable. Hopefully you will be able to get relief in your situation.
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