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 ericparsons
Joined: 05 Apr 2006
Posts: 1
0.34 Dollars($)
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 Posted: Mon Aug 20, 2007 6:51 pm Post subject: refinance |
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| can i refinance while i am in bankrupcy |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Mon Aug 20, 2007 9:56 pm Post subject: |
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Hi Ericparsons,
Welcome to the forum.
While you are involved in bankruptcy, you may still possibly refinance your existing loan. But for that, you need to inform your lender and it all depends on their decision if they will allow you to refinance or not.
But even if you are allowed to refinance, you are required to pay off all your remaining debts through the refinance. |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Tue Aug 21, 2007 4:34 am Post subject: |
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What kind of BK is it?
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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mikesnider
Joined: 05 Jul 2007
Posts: 4
2.73 Dollars($)
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| Posted: Wed Aug 22, 2007 7:17 am Post subject: |
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The short answer is yes it is possible. However to determine if you qualify a mortgage lender will need know whether it is a Chapter 7 or 13. The lender will also need to see your bankruptcy papers and will request an explanation for the bankruptcy. Other factors that will that will determine if you qualify are Loan-to Value and Income & Employment. A goverment backed FHA loan is one program that alows an Chapter 13 refinance. Call a mortgage professional for help and go in and see them.
All the Best
Mike Snider
"www.PayItAllOff.com"
[Link deactivated as per forum rules. Thanks.] |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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| Posted: Thu Aug 23, 2007 3:56 am Post subject: RE: refinance mortgage after bankruptcy |
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Hi Eric,
Considering the current market condition where borrowers are defaulting on subprime loans, it may not be a good idea to refinance if you are already into bankruptcy. Throughout the nation, borrowers with low credit and having gone into mortgages are going through a critical soituation which is why a number of mortgage companies have even filed bankruptcy. So, in this situation, I don't feel it will be better for you to refinance. I didn't mean to discourage you though but i'm just concerned that you may face the same consequence as others are going through now.
Hope this informtion will help you.
God bless you.
Samantha
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Know how to compare lenders with mortgage booklet |
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