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  • Hoping someone can help...

    I am hoping someone can help with this question... I am in the middle of a Ch. 7 Bankruptcy. I have a home that I share with a co-signer. Now, I know that the co-signer is still responsible for the house, which is a non-issue since we're both staying in the home and paying on the loan. The tricky part is this... the loan is a balloon loan, where we have to re-finance after 3 yrs. The 3 yrs is up at the end of this month. So, will the bank just have my roomate re-finance on her own, or will they want me to/let me re-finance too? I am trying to re-affirm the loan in my bankruptcy, but my attorney isn't sure the judge will approve it. Soooo, not sure if the bank will wait until the bankruptcy is over and then try to do the re-finance or what? I believe they can't contact me at all regarding the loan right now, so I'm really confused.... Any help would be appreciated!!! Thanks.

  • #2
    I would assume as long as the loan in refinanced, the bank doesn't care who it's from. Only problem is, they might need your income to make the loan work. Were you the primary borrower or the co-borrower?

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    • #3
      We were co-borrowers, there wasn't a primary/secondary to my knowledge. It should be completely equal. My roomate does make significantly less than I make, and would most likely need my income to do this... so I'm kind of thinking they might wait until the bankruptcy is discharged, and then have us re-finance?

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      • #4
        Well if you make more money than your roommate, then you are the primary borrower and your fico is going to be the main driver... which isn't good considering it will be in the toilet after a BK.

        Why are you going BK?

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