Is it possible to refinance after bankruptcy?

jameshogg · Posted: Thu Nov 12, 2009 8:54 pm Post subject:

Hi Judy,

Getting a mortgage would depend upon your credit score. So, what's your credit score like? Did you take steps to improve your credit score after bankruptcy? You should remember that you would get a conventional loan once you have a score of 720-740.

Thanks

Guest

I have a 30 year mortgage and still have 18 years to go. I filed chapter 7 almost 9 years ago. Should I wait to refinance until next year. I have a joint credit card and have never been late and have made large payments each month.

jameshogg · Posted: Mon Dec 07, 2009 10:18 pm Post subject:

Hi ROSIE,

You've mentioned that almost 9 years have passed since you filed bankruptcy. I guess, you've reaffirmed the loan and you are paying the dues accordingly. You do not need to wait for the next year to refinance the mortgage. You can apply for a refinance with your lender right away. I hope you have rebuild your credit after your bankruptcy was discharged. If you've a good credit score, it will help you in getting better rates while you refinance.

Thanks

Guest

we were discharged in November of 2009 from a chapter 7, was looking to see if could qualify for a mortgage or not? or is it best to keep renting for the next two years

Niicss · Posted: Mon Feb 15, 2010 2:04 am Post subject:

You won't be able to qualify for a loan so soon. You'll have to wait for 2 years after the discharge to qualify for a FHA loan and 4 years after the discharge to qualify for a conventional loan. Thus, it is a good option to rent a property for the time being, improve your credit and financial situation and then look out for a loan.

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