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A Bridge Loan
A bridging loan is a good choice if you need short term finance before a larger loan can be obtained from a lender. Bridging loans are also known as swing loans or caveat loans. They are obtained when bigger amount of a loan is temporary not available. A bridge loan is obtained for a short [...]
refinancing during BK-13
If BK-13 was filed over 12 mos ago and has paid the trustee as agreed based upon semi-annual trustee reports that are mailed to the customer or pay history direct from the trustee and on-time payments to mortgage company outside of the plan during the BK-13 this customer could be helped provided the credit score [...]
FHA lender
I just closed an FHA loan where my clients just wrapped up a Consumer Credit Counseling (CCC) program and most lenders treat CCC as a BK. There is a provision in HUD’s guidelines that allows an FHA lender will fund a loan AND allow the BK to stay open. I said “may” at the beginning [...]
purchase with open Chapter 13 BK (IL)
Is it possible to do this type of transaction? My clients want to purchase a single family, owner occupied in Illinois. They received the trustee’s permission to buy but who will lend and under what circumstances. FYI — there was (1) late to the trustee in 7/01 due to spouse being temporarily on medical leave. [...]