Q: Will bankruptcy prevent me from refinancing my mortgage even if I’m always on time with my payments?— Darrell W., Denver
A: It shouldn’t, though the ultimate decision, of course, is less with the judge or the trustee in your case as it is with the mortgage lender.
Despite the stigmatism that comes from personal bankruptcy, there are many options within Chapter 13. One of them, as in your case, is the ease with which a trustee is likely to approve a new mortgage. It’s almost routine, according to several bankruptcy attorneys.
If your payments are on time and there is no delinquency in the history of the note, plus you are still working at a steady job, your chances should be pretty good, but bankruptcy can be a problem for a couple years, according to some banks.
Keep in mind, too, that your credit score has much to do with that process. If your credit is good, your chances are the same. If not, then you might consider approaching your current lender with a request for a loan modification if you can prove imminent default otherwise.
If your lender won’t help, reach out to others. Good credit, a history of on-time payments and a steady job stack up to the kind of client banks are begging for.
Q: A friend found a large sum of cash. Is he obligated to wait 30 days before he can spend it? Is there an ethical obligation to donate the money?— Tara O’Brien, Denver
A: The 30-day rule applies only if you turned the money in to the police department.
The rule actually applies to any found property. While it’s not required to tell police about found money, it’s the kind of thing you’d like to happen if you lost your money.
The ethical question is a personal one and while there’s nothing wrong with treating it precisely for what it is — found money — there’s something to be said about spreading the joy.
