Chapter 13 Refinance - You Still Can Improve Your Cash Flow and Your Credit

If you are presently in a Chapter 13, pursuing refinancing should be the first thing on your agenda. If you are successful, you will likely a) improve your cash flow by hundreds of dollars per month, and b) begin the short road to improved credit.

Since your Chapter 13 is a 3 or 5 year repayment plan, getting a new loan which includes a payoff of both your Chapter 13 and your old loan, and combining it all in a new loan will save you a lot of money per month.

In order to do this you will need the following;

First, you will need at least a little bit of equity. If you only have a little equity, you will need to have a very good payment history over the last 12 months. If you have more than a little equity, than it is possible that a missed payment or two will not be a deal killer.

Second, you will need to get court permission to refinance. This can be done by your existing attorney, or your Refinance Specialist may have a suggestion as to who to use. Many Chapter 13 Attorneys are reluctant to file these motions.

Third, as mentioned above, your payment record since filing is of importance. This pertains both to your mortgage history and your Chapter 13 pay history.

Finally, you need to be able to prove you can afford your new mortgage payment.

Once you successfully get get refinanced, you should pursue correcting your credit report. Your effort will pay off!

You should get a copy of your credit report and do the following. a) Make sure anything that was paid off in your Chapter 13 is reflected as such, b) resolve lingering issues like collections, judgments and anything else that is on your report. You can do this yourself or hire a reputable credit repair business..

After this is completed, make sure you make all mortgage payments, and pay all other bills. Try to reestablish new credit with either a credit card, or a secured credit card. Only use this new credit for small charges and pay it off each month.

Those of my clients who have followed this advice have been rewarded with a new mortgage just two years after there discharge,, with rates equal to those with perfect credit!

Joel Steinberg is a mortgage banker, who lives in Alexandria, Virginia and is affiliated with Continental Mortgage in Vienna Virginia. He has over 20 years experience dealing with Chapter 13 and the buyout thereof. He dedicates his entire workload to bankruptcy related refinance. He also assists people in getting placed with better loans as soon as possible after a Chapter 13 is discharged. He can be reached at 703 891.3438



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California Commercial Refinance

Theoretically speaking, commercial refinancing helps create a strategy that can play a pivotal role in removing debt with the help of a new loan that has a lower interest rate. Commercial property investments increase cash flow and give leverage to a new loan, as lenders consider lending risk free.

Commercial loans are available from a wide variety of sources with a wide range of terms and conditions. Some are secured on assets of one kind or another and some are available on an unsecured basis. As with all forms of finance, you need to know and understand the exact conditions under which the loan is being made available.

One thing to look out for is early repayment penalties. Even if you do have the means to repay the loan early it could cost you extra in terms of a fee or penalty interest. Most loans are covered by the various consumer credit legislations. They now give you "cooling-off" periods and a lot of the somewhat dubious terms and conditions that were previously imposed have been made illegal.

When you borrow money, methods of repayment vary with the type of mortgage. If you have a capital repayment mortgage, your monthly payments are made up. In part, of the interest you pay on the amount borrowed and, in part, repayment of the loan itself (called capital). Unless the interest rate changes, your monthly payments remain the same throughout the period of your mortgage. In the first year of your mortgage, most of your monthly payment is interest on the loan and only a tiny amount is paying off the capital.

California Refinance provides detailed information on California Refinance, California Refinance Rates, California Refinance Mortgage, California Home Loan Refinance and more. California Refinance is affiliated with Prime Interest Rates.

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