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Company Loan Type APR Est. Pmt.

Can I refinance my mortgage after a chapter 7?

Posted on: 17th Jul, 2009 10:03 pm
I filed bk 7 last month I haven't yet received my discharge. The reason I want to refi is to get my ex-wife off the title and the loan! At this point now I reaffirmed my car loan but not my mortgage. My attorney said some mortgage company's ask for a reaffirm and some dont. My mortgage is currently through Wells Fargo at 6% interest. I owe 71,500. Two yrs ago house appraised at 103,5. Since then I have made more improvements on the home. So I am sure it should appraise higher. I take home about 2200.00 a month. I haven't talked with my current mortgage company yet but I guess I want to know is it even worth the time considering my circumstances? I would like to ask for 10,000 to pay her off and get it all in my name and sever her from my life! Is there anything I can do?
I wanted to also add I live in Iowa.
Posted on: 17th Jul, 2009 10:11 pm
people generally file chapter 7 when they have no hope of repaying debts with their income and are likely to be sued by creditors/lenders. with this type of bankruptcy, you can pay off your debts by selling your assets under the supervision of the court

bankruptcy chapter 7 exemptions apply only if you have equity (your current home value minus costs of sale less balance on mortgage or other liens) in the property. if your home equity exceeds the federal or state exemption, whichever you choose, you may lose the home. however, if you have no equity in the house, it cannot be used to pay off your debts. in such a case, you can keep the home as long as you pay for the liens.

also in chapter 7, your credit score will go down by 250 pts.

because of above mentioned points, discuss it once agian with your ex wife & ask her to sign a quit claim deed in your name. then you refinance loan in your name.
Posted on: 18th Jul, 2009 01:34 am
hi amckean,

a refinance can take your wife's name off the loan. but the problem is that you have still not been discharged from the bankruptcy. generally, you need to wait for at least 2 years after a chapter 7 bankruptcy discharge to qualify for a loan. finding a lender, who would give you a loan while you are in bankruptcy, will be difficult, especially in this economy.
Posted on: 18th Jul, 2009 02:34 am
i don't think there's a snowball's chance in the proverbial dwelling of the devil that you'll get a refinance while in the midst of a chapter 7 bankruptcy filing.
Posted on: 18th Jul, 2009 05:07 am
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