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milar
Guest
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 Posted: Fri Jan 13, 2006 9:52 am Post subject: refinancing after bankruptcy |
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I had a bankruptcy one year back. I want to refinance my mortgage. Is it possible after bankruptcy?
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murphy
Guest
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| Posted: Fri Jan 13, 2006 10:00 am Post subject: |
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Refinancing may be possible after bankruptcy but it won't be easy to get, I suppose. Finiding a lender may be a little bit difficult. You have to shop around to get a good lender who suits your needs.
Generally. You will be able to refinance after 2 years of a Chapter 7 discharge but you can go for a refinance on the very next day, if you are on a Chapter 13.
Murphy |
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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| Posted: Fri Jan 13, 2006 10:40 am Post subject: |
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Hi Milar,
If you want to lower your interest of the current mortgage, then refinancing is a good option. Refinance after bankruptcy is possible although a chapter 13 remains on your credit report for 7 years and a chapter 7 stays for 10 years. To find the best rates may be difficult.
To find the best rates may be difficult but today you will find many lenders ready to offer you in this competitive market. Today you can search for them with varied loan offers even through online.
Refinance for a person in a Chapter 13 bankruptcy is easier than someone who has got discharged in a chapter 7 provided the person is current in his payment terms.
Approach the lenders with a copy of your FICO score along with your loan application so that he can have a better view and you find it a little easier to approach.
You can check for more discussions on refinance after bankruptcy here.
God bless you.
For MortgageFit,
Samantha
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