Ohio
I will keep this in the short version of the story...
Our house was being foreclosed on, We filed chapter 13 last month to keep it. A few days before our first court hearing my wifes mother passed away from Cancer and we now have a life insurance benefit of 50K from her. We want to get out of the bankruptcy, and we are going to pay around 18K in back payments, legal fees etc to keep the house. After we do this we will have around 50K or more in equity on a 150K property.
We have the house in a 15 year mortgage and would like to refinance it to 30 years. We have poor credit, but we make decent moey... my wife is an RN and I am a mechanic.
What I would like to know is:
1) Is it possible to get refinanced without it being some type of scam (We get crap in the mail daily, but do not know who to trust)
2) Should we put a good portion of the rest of the money into the house to add more equity to help get refinanced?
The bottom line is, we would like to put some of this money back and save it, and or invest it and we would also like to have the house refinanced to a 30 year mortgage. To most of you it probably doesn't sound like much, but to us this is a lot of money and I want to make sure that we do this the right way and get ourselves back on track financially.
Thanks for any advice.
I will keep this in the short version of the story...
Our house was being foreclosed on, We filed chapter 13 last month to keep it. A few days before our first court hearing my wifes mother passed away from Cancer and we now have a life insurance benefit of 50K from her. We want to get out of the bankruptcy, and we are going to pay around 18K in back payments, legal fees etc to keep the house. After we do this we will have around 50K or more in equity on a 150K property.
We have the house in a 15 year mortgage and would like to refinance it to 30 years. We have poor credit, but we make decent moey... my wife is an RN and I am a mechanic.
What I would like to know is:
1) Is it possible to get refinanced without it being some type of scam (We get crap in the mail daily, but do not know who to trust)
2) Should we put a good portion of the rest of the money into the house to add more equity to help get refinanced?
The bottom line is, we would like to put some of this money back and save it, and or invest it and we would also like to have the house refinanced to a 30 year mortgage. To most of you it probably doesn't sound like much, but to us this is a lot of money and I want to make sure that we do this the right way and get ourselves back on track financially.
Thanks for any advice.