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Was a new law passed in Jan 2004 saying that you can not refinance your home if it was listed for sale within 6 months of the application?
Wiki User
∙ 18y ago
I have been a mortgage originator for over 10 years and I am not aware that any such law exists. Different lenders have their own criteria but most would allow a refinance if the property has recently been listed for sale. They would merely require proof that it is no longer on the market and a letter explaining why it was listed for sale and why you took it off the market. I am being TOLD that we cannot refinance our home if it has recently been on the market. I was wondering what mortgage comapny that you work for so I might get refinanced?
Wiki User
∙ 18y ago
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Can you refinance after chapter 7?
Chapter 7 Bankruptcy will remain on your credit report for 10 years. However, many lenders will refinance you after 24 months has passed from the DISCHARGE date (not the filing date). Each lender may set their own parameters, so it is always possible to find lenders who may require more or less time. Additionally, most lenders will require the re-establishment of good credit. This is often defined as 3 new accounts opened and maintained after the bankruptcy occurred.
What banks will refinance a new mortgage?
Many banks will refinance a mortgage but it depends on your credit record and the equity in the property. It would be impossible to provide a list of banks. You need to shop around in your area to get an idea of where you stand personally. Also, you should check the documents you signed when you granted the mortgage. Most have a penalty clause if the mortgage is paid off before a certain amount of time has passed.
Mother passed away left you house House is now in your name Equity still in mothers name but you are paying Unable to refinance to get equity paid cuz of housing market cannot claim mortgae interes?
Speak to your attorney. They will be able to complete paperwork to allow the courts to have the property changed to your name. Your mortgage might still be in your mothers name until you are able to refinance or somehow have the mortgage company change the account info, but the house will be in your name with the county courts system.
Do your debts die with you?
In many cases, as long as the individual that has passed was the only person on the debt, then they are the only person that was responsible. If a spouse or additional person was listed on a debt as a joint owner, than the creditor can attempt to collect on the debt from the living even though the other joint borrower has passed away.
Can you refinance first and second mortgage without any equity and a chapter 7 discharge?
If you have zero equity (both loans combined and individually are more than the home value) then the only option available is to seek refinance or modification options with your existing lender. Since they already own the risk, they don't assume further risk for working with the "underwater" property. No new lender will be able to finance a home without equity regardless of CH7 status. Equity aside, most lenders require 2 years to have passed from the CH7 discharge date.
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Can you refinance after chapter 7?
Chapter 7 Bankruptcy will remain on your credit report for 10 years. However, many lenders will refinance you after 24 months has passed from the DISCHARGE date (not the filing date). Each lender may set their own parameters, so it is always possible to find lenders who may require more or less time. Additionally, most lenders will require the re-establishment of good credit. This is often defined as 3 new accounts opened and maintained after the bankruptcy occurred.
Where can you find a list of companies that will refinance a loan before a year has passed?
There's not really a "list" but many mortgage banks such as mine. You can contact me at kfreels at nwfmortgage dot com
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