Portland Bankruptcy: Mortgage Refinancing as a way to Manage Your Debt

You should note that in order to pull off a successful mortgage refinancing your credit score should not be below 630 FICO.  If it is then please see our section on credit repair.
As a bankruptcy alternative you may want to consider a mortgage refinacing. Under today's more favorable terms and if you are one of the lucky few who have equity in your home; a refinacing may be a viable alternative to a Chapter 7 or Chapter 13 bankruptcy in Oregon court. The key to these is to make sure the new mortgage structure is aligned with your budget and income and that your debt is managed sufficiently so that the net result is a better outlook than a bankruptcy filing.  Here are some options to consider:

Refinancing replaces your current mortgage with a brand new one. Typically only the term of the loan and the interest rate will change.

Cash-out Refinancing allows you to pull some money out of your homes equity while at the same time procuring a new home loan.  This may allow you to pay off higher interest rate debt and replace it with lower cost home loan.

Home Equity Loans These types of loans are on top of your current primary mortgage. They allow you to pull money out of your homes equity and apply it to high rate credit cards and other personal loans. These loans usually come in one bulk payment.

A Home Equity Line of Credit (HELOC) is similar to the loan above but allows you to draw money as needed and isn't paid out as a lump sum. You only pay interest on the amount that you borrow. .

Bankruptcy Alternatives

Chapter 7: In Oregton a Ch. 7 Bankruptcy would not forestall your ability to refinance or obtain a new loan on your property.  Typically you will need around 2 years between your Chapter 7 discharge and the application for a new mortgage.

Chapter 13: For a CH. 13 bankruptcy in Oregon you will need about 1 year of complete payments under your Chapter 13 plan and any mortgage payments due. In some cases you must approach your chapter 13 trustee in Oregon and get permission before taking on new debt.

As you can see there are quite a few options available. Not everyone can or will be able to benefit. That's why its important to talk to one of our Oregon bankruptcy lawyers about your options and see what path is the best for you.
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