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Samantha

Hi Collen,

Since you have received the discharge in February 2008, you'll have to wait for some more time till you get a favorable rate on your loan. Otherwise, you may be able to get a refinance loan at higher rates of interest. And if you credit is too bad, then you may not even qualify for another loan right now. I suggest you talk to our lender about it first and find out what rates and terms he's offering. Then you can look out for some more offers from other lenders as well. But frankly speaking chances of getting a loan are feeble.

You may also send in your request for no-obligation free mortgage quotes from the lenders in this community. Let's hope they'll be able to help you out with a suitable loan offer.

may god bless you.

Samantha

Guest

mY CURRENT INTEREST RATE IS 7.625 ON A PROPERTY OF 413,000.00. ITS BEEN QUITE A CHALLENGE TO MANAGE PAYMENT ON A MONTHLY BASIS. THOUGH ITS A FIXED RATE, AM WONDERING IF ISHOULD REQUEST FOR INTREST ONLY NOW AND AFTER BANKRUPTSY CAN I GET A LOWER RATE

Jessica · Posted: Tue Sep 09, 2008 4:56 am Post subject:

Hi Nikky,

Welcome to our community forums.

Why do you want to file bankruptcy and what type of debts would you include? If you're filing only because of the mortgage payment, I think that's a wrong move. I mean current rates on fixed mortgages are quite low, that is, national average rates are around 6%. So, if you can refinance now with a low rate, you'll actually benefit. Also, you my go for interest-only but keep making at least some payment towards the principal. This is allowed in case of interest-only loans.

Regards,

Jessica.

Guest

I WAS IN AN ARM WHEN I FILED FOR BANKRUPTCY. MY BANKRUPTCY WAS
FIVE LONG YEARS AND WILL BE DISCHARGED FEB,2008 MY INTEREST
RATE IS ALMOST 13% NOW AND IF I CANNOT REFINANCE I MIGHT AS WELL FILE BANKRUPTCY ALL OVER AGAIN...ISNT THERE ANYONE TO HELP ME...AFTER ALL I AM DEBT FREE NOW WITH THE EXCEPTION OF MY MORTGATE

adonis · Posted: Tue Dec 02, 2008 12:11 am Post subject:

Welcome renee,

Did you speak to your lender about refinancing the mortgage? You can even contact the other lenders to check if they can offer you a refinance. In my opinion it will be a bit difficult for you to get refinancing. You will have to prove to the lender that you will be able to pay off the dues in time. You will also have to show that bankruptcy has cleared your debts.

banker0679 · Posted: Tue Dec 02, 2008 6:30 am Post subject:

Welcome to MortgageFit!

If you're currently in a Chapter 13 BK then you maybe able to do a FHA Buyout. You can't have any lates within the last 12months. You can get the FHA buyout after 12months from the start of the BK 13. Of course you will need equity in your home to do this.

Good luck and post back your experiences!

Thanks,
Robert

Guest

I am trying to refinance and most lenders are telling me I must go FHA since the bankruptcy is not 4 years old. I have one who is saying that is not true and he can do a Freddie Mac (conventional) loan for me. I do not want to pay PMI.

adonis · Posted: Mon Dec 29, 2008 11:40 pm Post subject:

As far as I know, if you had filed Chapter 7 bankruptcy, and if 2 years have passed from discharge, then you may get FHA loans. But if you want to get conventional loans, you'll have to wait till 4 years after discharge.

As far as paying PMI is concerned, if you pay a 20% down-payment, then you will not be required to pay the PMI.

Guest

can i retake my house if this one went to chapter 7 im late 8 months

adonis · Posted: Tue Feb 24, 2009 11:13 pm Post subject:

Welcome Jaime,

If you have filed Chapter 7, then you can retain your property provided if you reaffirm your mortgage after you are discharged of bankruptcy. When you reaffirm the mortgage, the lender will give you a new repayment plan through which you will be able to pay off the debts. However, if you default, then the lender can foreclose your property.

Guest

I filed chapter 13 about a year ago and have lost my job of 15 years I am currently receiving unemployement benefits. I really need to refinance my home to lower my monthly payments. Is there help for me?

adonis · Posted: Mon Mar 30, 2009 12:16 am Post subject:

Welcome vfm,

As you are unemployed, you would face problems in refinancing the mortgage. I would still suggest you to speak to your lender once and check if he can refinance the loan for you.

Guest

Can I get a mortgage after 16 months with a Chapter 7?

jameshogg · Posted: Mon May 04, 2009 9:43 pm Post subject:

Hi Harbaugh,

To get a FHA mortgage after Chapter 7, you'll have to wait for 2 years. If you are planning to go for a conventional mortgage, then you'll have to wait for 4 years. So, I don't think you'll get a mortgage just after 16 months of filing Chapter 7.

Thanks

Guest

We have absolutely no debt at this time, but have no credit cards,loans or anything to re-establish credit rating.

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Is it possible to refinance after bankruptcy?