Is It Possible To Re-Finance After Chapter 11 Bankruptcy

[Linda Cooper]

Bankruptcy will be discharged Jan. 2017.  Our portfolio rentals consists of 8 single family homes & 2 four-plex apartments.  After our discharge our portfolio will consist of 4 houses will have no mortgage & 1 four-plex with a very small mortgage (22K) @ low interest rate 5.25 % (25 years left with payment $145 a month).  Our primary residence (value @ $350K) has a interest only mortgage with payments of $789 a month.  Upon discharge, (Jan. 2017) this payment will definitely be amortized immediately.  My question is where can we turned for help regarding a re-finance on our primary after a 60 month chapter 11 discharge.  We really do not want to sell because we love this house.  HELP!  Any advice will be appreciated.

[Linda Cooper]

Hi Shaun, thanks for the information regarding the waiting time.  I also heard that if you are a veteran (which my husband is) the waiting time is 2 years.   I guess that I will have to liquidate some of my portfolio holdings so that I will some cash available.   Right now my main focus is my primary residence after my discharge date (Jan. 2017).   I have at least $125-$150K equity in the home and I really would prefer staying there another couple of years, maybe longer but I am sure that after my discharge the mortgage company from hell (NationStar) will immediately increase my payments.  We got lucky and was able to include our primary in our Chapter 11 BK (should have been only the investment properties).  So if we have to sell at least we will have some non-taxable funds to work with.  Any ideas on this?