I would suggest you consult with a local mortgage banker to evaluate if you qualify. If you are considering bankrutpcy one would assume you are carrying a heavy debt load and or you are currently behind on payments. If that is the case you will more than likely NOT qualify in today's lending environment. There are no restrictions on applying for a mortgage if you have not yet filed bankrutpcy and are merly considering it... If you do however file a chapter 13, you may apply for an FHA-insured refinance 12 months after your filing so long as you've made all your payments on time. There are loan limits with FHA so you will want to consult with your local lender to check your area limits. www.BKRelief.com specializes in these type transactions.
Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed. Generally, you are able to refinance 2yrs after a Chapter 7 discharge.If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. This will require the approval of the bankruptcy trustee. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
In order to refinance after a Chapter 7 most bank guidelines will be 2 years from discharge date. The credit will have to be reestablished as well. There are some banks with various guidelines that will take a look at refinancing <2 years but not less than 12 months if you can prove the bankruptcy was caused by extenuating circumstances beyond the borrowers control. Veronica Rodrigues Voyage Home Loans
Yes, BUT!!! FHA can be a good solution for refinance after having had a chapter 7 BK on your credit report. They require 2 years from the date of discharge for the BK and you must have reestablished some credit. Your credit file will have to be clean after the discharge. I hope this helps and please feel free to email or call if you have any additional questions.
No, the second home is is not excluded. Everything you own is part of your bankruptcy estate and is the property of the bankruptcy trustee, including the second home. You would need court permission to refinance either of your properties. To do so you have to bring a motion requesting said permission and showing how the refiance would benefit your creditors over the plan you already proposed. As part of the motion you would have to propose an amended plan that includes the refinance. Since the property is not, due to the bankruptcy, owned by you, you shouldn't be able to refinance it. The tirle company should pick up on the bankruptcy and not allow the refiance. An alternative to getting court permission is to simply dismiss the chapter 13 case and do whatever you want. You have a right to have the case dismissed. You just need to submit the request to the court and wait for the judge to sign off on the dismissal order. I get the impression that you didn't list your second home in the bankruptcy (is that what you mean by "excluded?"). If so, you committed bankruptcy fraud and your bankruptcy case could be dismissed and charges can be filed by the US Trustee, part of the Justice Department. At best the trustee would want you to add the additional property to your papers. Adding the additional property would change your bankruptcy case (assets) and the plan you filed with the court that was determined by your assets and debts.
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at firstname.lastname@example.org Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
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