yes can refi after Chapter 7/ and foreclose after 2 year period?

Hi!

Welcome to forums!

If you've reaffirmed your mortgage while in Chapter 7 bankruptcy, then you will be able to refinance your mortgage. If you're unable to pay off the loan after reaffirming it, then your property will be foreclosed and you will be liable for paying them the deficient balance in full.

Feel free to ask if you've further queries.

Sussane

That isn't correct. Most lenders now require 7 years before they will refinance a loan. FHA only requires 2 years but most lenders don't care what FHA says. they now require 7 years.

If the property wasn't reafirmed. The deed is still in the customers name. Just the note is eliminated. So the original bank will always take prisoners. They will do a loan modification to get you back on the note.

If they don't and you want to keep the home. Just file a chapter 13 and have the new attorney re-afirm the mortgage. Most chapter 7 bankruptcy attorneys just file. they don't do any other work.

You can get a loan 1-2 years out of Ch 7 under FHA with extenuating circumstances, and re established credit, but the guideline is actually 3 years and on the conventional side most underwriter look at 4 years not 7.