Hi Ericparsons,
Welcome to the forum.
While you are involved in bankruptcy, you may still possibly refinance your existing loan. But for that, you need to inform your lender and it all depends on their decision if they will allow you to refinance or not.
But even if you are allowed to refinance, you are required to pay off all your remaining debts through the refinance.
Welcome to the forum.
While you are involved in bankruptcy, you may still possibly refinance your existing loan. But for that, you need to inform your lender and it all depends on their decision if they will allow you to refinance or not.
But even if you are allowed to refinance, you are required to pay off all your remaining debts through the refinance.
What kind of BK is it?
The short answer is yes it is possible. However to determine if you qualify a mortgage lender will need know whether it is a Chapter 7 or 13. The lender will also need to see your bankruptcy papers and will request an explanation for the bankruptcy. Other factors that will that will determine if you qualify are Loan-to Value and Income & Employment. A goverment backed FHA loan is one program that alows an Chapter 13 refinance. Call a mortgage professional for help and go in and see them.
All the Best
Mike Snider
"www.PayItAllOff.com"
[Link deactivated as per forum rules. Thanks.]
All the Best
Mike Snider
"www.PayItAllOff.com"
[Link deactivated as per forum rules. Thanks.]
Hi Eric,
Considering the current market condition where borrowers are defaulting on subprime loans, it may not be a good idea to refinance if you are already into bankruptcy. Throughout the nation, borrowers with low credit and having gone into mortgages are going through a critical soituation which is why a number of mortgage companies have even filed bankruptcy. So, in this situation, I don't feel it will be better for you to refinance. I didn't mean to discourage you though but i'm just concerned that you may face the same consequence as others are going through now.
Hope this informtion will help you.
God bless you.
Samantha
Considering the current market condition where borrowers are defaulting on subprime loans, it may not be a good idea to refinance if you are already into bankruptcy. Throughout the nation, borrowers with low credit and having gone into mortgages are going through a critical soituation which is why a number of mortgage companies have even filed bankruptcy. So, in this situation, I don't feel it will be better for you to refinance. I didn't mean to discourage you though but i'm just concerned that you may face the same consequence as others are going through now.
Hope this informtion will help you.
God bless you.
Samantha
