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How long do you have to wait to refinance with a traditional mortgage company or the government HARP program after a chapter 7 bankruptcy I have a Fannie Mae loan and my discharge is almost 2 yrs old?
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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.
How long must one wait to refinance after a Chapter 13 bankruptcy has been discharged?
With bankruptcy most banks will not take it into account after 2 years of discharge. Banks look more favorably on Chp. 13 than on Chp. 7's, I deal with many banks who will actually refinance before the 2 year period depending on the circumstances.
How many days after dismissal do you have to wait to refinance?
After a Dismissal you can refinance anytime you want, some banks may penalize you for the filing even though you didn't go through with the BK. Just to make it clear a dismissal is when you filed a BK but then withdrew it and never went through with it or the bankruptcy was not approved. A discharge is when you completed the bankruptcy. I work with several lenders that will not penalize you for a dismissal.
Why is it so hard to refinance your mobile home after 8 months discharge of a bankruptcy?
It is hard to refinance any home after 8 months out of bankruptcy. However it will still be based alot on your credit score. Check with if you can believe US Bank as to there guidelines. I have found them very forgiving. Also lenders like a lower loan to value LTV on a mobil home than a stick home.
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.
How does one refinance a home after a Chapter 13 bankruptcy?
One can find a guide on how to refinance a home after a Chapter 13 bankruptcy on various websites like Homeguides and wikiHow. Both websites offer a great amount of information about all kinds of things, including bankruptcy.
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).
How long after bankruptcy do you have to wait before refinancing?
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.
How soon after getting a bankruptcy discharged and getting an FHA refinance can you get another refinance?
You may refinance any time that the refinance improves your financial situation. If you are interested in a no obligation - free detailed analysis - of your situation, please contact me. I am an FHA specialist.
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
Is it possible to buy a home after filing chapter 13 then chapter 7 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.
Can you refinance during chapter 13?
While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
