Refinance after Chapter 13

nightstars00 · Joined: 02 May 2006 Posts: 2 0.28 Dollars($)

I would like to refinance my house for home improvement reasons. I'm 3 months discharged what is the best option for me?

blue · Posted: Tue May 02, 2006 9:39 am Post subject:

Refinance is quite possible after bankruptcy. It depends on the type of loan product on how soon you can get a loan. Some don't allow bankruptcies but there are products that allow a bankruptcy discharge up to the day prior to funding.

If you had bankruptcy within the past 2 years then you may be categorized as a sub-prime borrower. It means higher interest rates and higher loan costs. But getting a loan will not be a problem if you are ready to face the higher rates and costs.

Since you didn't mention anything in detail so, it's not possible to give more specific suggestion. You may check with the different brokers/lenders in your area to find out a suitable offer for you.

Blue

Samantha · Posted: Tue May 02, 2006 10:29 am Post subject:

Hi Nightstars,

Welcome to MortgageFit Forums.

You will be able to get refinancing option even within 6 months from filing a chapter 13. Since, you are already discharged from the chapter 13, so it shouldn't be a problem for you, although I don't know much about your financial detail.

You may face a little higher interest rates and closing costs. Do some shopping around to compare the rates and the fees with different lenders and brokers. A good broker can guide you and help you to find a suitable option. You can even take the help of MortgageFit for the purpose.

If you have some equity in your house, then cash out refinancing can be a good option to refinance after bankruptcy and utilize it for home improvements.

To know more, go through the forum discussion "Mortgage refinance after bankruptcy"

Some more detail may help us to suggest you in a more specific manner. Feel free to ask if you have any more doubts.

God bless you.

For MortgageFit,
Samantha

nightstars00 · Joined: 02 May 2006 Posts: 2 0.28 Dollars($)

This is a great website. This is my first home I'm still learning from my mistakes. At this time my interest rate is 8% on a FHA loan. I have no idea how much equity I have. As far as financial detail I work full time, single mother of (2) my daughter will be going to college in the fall (I hope) my son is still in before and aftercare (230 a month). My mortgage is $1.014.00 a month. I have no car note, other than that I have four credit cards (two not mine paying for my mom) and the other bills I have comes with having a house. I want to refinance for only about $10,000, my dinning room ceiling is leaking water from my bathroom. I have the orginial tub so it's time to take it out. I would also like to use some of the money to get my daughter started for college. In case it helps I live in the Washington DC area. Thank you all in advance for any information you can give me.

Samantha · Posted: Tue May 02, 2006 1:53 pm Post subject:

Hi Nightstars,

Welcome again.

I think it won't be of much problem to get the loan you want. Your home's value would have helped it more.

Can you sign up here with a different e-mail address than the one that you have already used?

This will help us to have our loan department contact you and help you with your requirement. We maintain a wide network of efficient lenders throughout the country.

Hopefully you are going to get a suitable offer. We will definitely try our best to satisfy your need.

Feel free to post here if you have any further difficulty.

God bless you.

For MortgageFit,
Samantha

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