Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

refinance

Author Message
Icon Mini Profile ericparsons





Joined: 05 Apr 2006

Posts: 1

0.34 Dollars($)
Post Posted: Mon Aug 20, 2007 6:51 pm    Post subject: refinance
Like 0
Dislike 0

can i refinance while i am in bankrupcy
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Mon Aug 20, 2007 9:56 pm    Post subject:
Like 0
Dislike 0

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.
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post Posted: Tue Aug 21, 2007 4:34 am    Post subject:
Like 0
Dislike 0

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
Icon Mini Profile mikesnider





Joined: 05 Jul 2007

Posts: 4

2.73 Dollars($)
Post Posted: Wed Aug 22, 2007 7:17 am    Post subject:
Like 0
Dislike 0

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.]
Icon Mini Profile Samantha
Samantha
Community Mentor
Community Mentor



Joined: 16 Sep 2005

Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
Post Posted: Thu Aug 23, 2007 3:56 am    Post subject: RE: refinance mortgage after bankruptcy
Like 0
Dislike 0

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

_________________
Know how to compare lenders with mortgage booklet
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.226 seconds.