---

Refinancing after CH7 BK

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Me123 Guest	Posted: Wed Jan 11, 2012 9:57 am    Post subject: Refinancing after CH7 BK Like 0 Dislike 0 I filed BK just over a year ago and I am thinking about buying a new home 2 years after BK. I reaffirmed my Mortgage and have never missed a payment. I do currently have about 50k in equity in the house which is financed at 6%. I am curious if I am able to refinance my current VA loan and turn it into a FHA loan at a lower interest rate. This would allow me to use my VA loan next year when I purchase the new home. Am I required to wait 2 years post BK to refinance an existing home? I plan to rent out my existing home after we purchase the new house. Thanks! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Wed Jan 11, 2012 10:13 pm    Post subject: Like 0 Dislike 0 Hi Guest, It will be easier to get a refinance if you wait for 2 years in order to qualify for a mortgage. As you have reaffirmed the loan, you're personally liable for the loan. So, the lenders will help you refinance it if you have the required credit score. Thanks
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 509 Location: Australia 81.60 Dollars($)	Posted: Thu Jan 12, 2012 2:56 am    Post subject: refinancing after bk,, Like 0 Dislike 0 Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
Me123 Guest	Posted: Thu Jan 12, 2012 8:08 am    Post subject: Like 0 Dislike 0 Thanks for the replies! For you guys/gals that have been watching the market, do you see any kind of recovery any time soon?
smithsussane Joined: 18 Sep 2008 Posts: 10382 Location: Alaska 976.66 Dollars($)	Posted: Thu Jan 12, 2012 8:49 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as my opinion is concerned, it will take some time for the market to become stable and show a recovery. Officially, the financial crisis is over. But it might take some time for the market to show a steep growth. Feel free to ask if you've further queries. Sussane

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0