Refinancing Advice During Bankruptcy

by Scott froom Delaware, Ohio USA

Ask Kate: Refinancing Advice During Bankruptcy I decided to publish this story, even though on first glance I did not think it related to mortgage refinancing advice. See what you think. Scott has a harrowing account not unfamiliar today.

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Hi Kate, after myself and my wife lost our jobs in 2004, we knew we were in for a long hard battle to try to keep our home and car.

After struggling for over a year and with the aid of my parents financially, we decided that we just could not keep up on all of our bills. We decided that bankruptcy was our only option.

During the bankruptcy, we lost our home but were able to refinance our car loan and keep our car. We reaffirmed our debt to Toyota and started a new loan with them that had the same details as the original loan. By doing this, we lowered our monthly payment, as we had been paying on the car for over 2 years at the time of the refinance. Our interest stayed the same and we got to keep our car.

I would definitely do this again. Without a car, I would have no way to job search or keep a job once found. I would recommend anyone do this just to be able to keep your car during a bankruptcy.

Kate Answers: Refinancing Advice During Bankruptcy

Hi Scott, thanks for sharing your experience. I am sure it will help another Reader.

Best Wishes,

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P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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