Posted on: 10th Aug, 2010 02:07 pm
my home has appreciated significantly in value in the last five years due to high-end development. i owe $145,00 on my existing mortgage and my home recently appraised for $640,000. i was discharged from chapter 13 bankruptcy last month and would like to refinance my home. what are my options?
FHA allows for financing immediately after discharge of Chap 13 bankruptcy but comes with hefty upfront fees and monthly mortgage insurance. You can avoid the monthly by going into a 15 year term. Would you be able to afford a shorter term mortgage? What interest rate are you at now?
Check with local lenders and talk to them to see what is the best option for you.
As long as you payment history for the past 12 months was on time; you have several options. What is your goal?
