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How long after a bankruptcy discharge can I refinance and consolidate my 1st & 2nd mortgage?
Wiki User
∙ 14y ago
You might have to wait 7-10 years unless your financial circumstances have changed greatly and you can prove it. You can probably do it earlier but the rates will be high
I have brokered real estate for more than 10 years and have been a Mortgage Loan Officer for 17 more for a total of 27 years in the business. I have never heard of a situation where a borrower needed to wait 7 to 10 years to obtain a mortgage following a Bankruptcy if they have reestablished themselves. Generally, you will have to wait 2 or 3 years following the bankruptcy if you have reestablished credit, and it will be dependant on the circumstances leading to the bankruptcy to determine if the circumstances were beyond your control. You will usually be asked to write a letter/statement explaining the circumstances and may need to provide additional documentation to support your explanation. I suggest finding a reputable lender who is experienced in all mortgage products who knows how to properly package an application with former cred
Wiki User
∙ 14y ago
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Am I legally allowed to refinance my home mortgage after filing bankruptcy?
You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.
What should I know about bankruptcy and mortgage refinance?
You can refinance your mortgage, even after a bankruptcy. Refinancing can even help restore your good credit in about two years! Sit down with your lender and talk about a refinancing plan.
What are the reasons to do a mortgage refinance?
Some of the reasons for a mortgage refinance would be lower rates, to get additional money to eventually buy a home somewhere else or even to consolidate two mortgages.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage is not included in the chapter 13?
Here is the short answer.........No. No lender will allow this. Lenders want you to be out of Bankruptcy.This is what I do refinance people out of bankruptcy early or arrange refinancing so that my clients can avoid bankruptcy or forclosure altogether. that is what you must do in order to refi your mortgage regardless of the mortgage status with your bankruptcy plan
Where can one get help to refinance himself or herself out of bankruptcy?
One can get help refinancing a mortgage by visiting a bank or a mortgage specialist. This type of refinancing can help someone to get out of bankruptcy.
If I file for bankruptcy can I still refinance my mortgage?
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
What will Quicken Refinance help a consumer do?
Quicken Refinance will help consumers find the lowest interest rate available, help you consolidate your debt, and lower your monthly mortgage payments.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
How long do you have to wait after declaring bankruptcy to get a mortgage?
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly 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 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I work in conjunction with a mortgage broker who is able to get financing for people 12 months out of bankruptcy. I filed bankruptcy in august of 03 and here it is may of 04. I raised my credit scores higher than they were before i filed bankruptcy, but they are still too low. You will only get a mortgage for 70-80% (20-30%down) if you only wait a year. If you wait until it is discharged for 2 years, you will save a ton of money on the downpayment AND on interest. After you file bankruptcy, you need to write letters to everyone you were discharged, so they put on there that you have a zero balance. Keep track of all of this. It is very stressful, but it works. There are several sub-prime mortgage companies who will lend to borrowers one day out of bankruptcy (one day after your discharge).
If you are dismissed from a chapter 13 and have your mortgage reinstated can you refinance your home?
You can refi a day out discharging of bankruptcy depending on the situation.
Where can one get advice in order to refinance a mortgage after bankruptcy?
One can find advice regarding refinancing a mortgage after bankruptcy at almost any bank in the United States. SunTrust offers their customers with this type of information at any of their banks.
How can one get a mortgage refinance after a bankruptcy?
One would first have to wait two years after filing for bankruptcy. After this period, one can apply for a mortgage but one should pay bills on time and do not expect for it to be easy. Persistence is key.
