Refinancing After Bankruptcy

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Refinancing After Bankruptcy – Helpful pointers And Ideas

Generally, you don’t have to wait 2 years regarding refinancing after bankruptcy having a Chapter 7 bankruptcy discharge. Having a Chapter 13 bankruptcy, you can get refinancing the next day with lots of lenders before the release. With Fannie Mae loans you have to wait 2 years with regard to refinancing after bankruptcy having a Chapter 7 bankruptcy. Most other lending options you can refinance each day after discharge with Chapter 7 bankruptcy.

The reason you can refinance before release with Chapter Tough luck is because it’s over a payment plan for 3-5 many years from the bankruptcy filing time. You can get a Chapter Tough luck refinance in as little as 6 weeks from filing, not discharge and you can payoff your Chapter Tough luck bankruptcy in the process if you have sufficient equity in your home. A great mortgage broker can help with re-financing after bankruptcy. Mortgage brokers understand where and how to find the best rates/terms accessible.

One of the best places to match lenders and rates on mortgages rising for refinancing after bankruptcy is on the Internet. Make sure to look at both rates of interest and fees when comparing refinancing quotes. A slightly higher rate with lower fees is usually the best deal when refinancing after bankruptcy.

When considering the best refinancing after bankruptcy, you may opt to take cash out of your home’s equity. This is usually a good idea if you make small remodels, but buying a vehicle may not be. The more collateral you have in your home, the more it will be to improve the credit after bankruptcy.

After you acquire approved for a re-financing loan, be sure to review everything, before you sign the files. Read all the fine print and be sure you are getting the phrase and rate you expect. There is no need to rush refinancing after bankruptcy. Keep in mind what caused the bankruptcy in the first place. Haste tends to make waste, in the financial and credit world.

If one makes payments on time, you are able to refinance with reduce interest rates in a year or two by improving your credit report. When you decide on refinancing after bankruptcy, be sure to check out your credit report. Ensure all past company accounts are closed from the bankruptcy discharge. When you have fantastic credit history behind you, you can get some of the best rates/terms available, even with a previous bankruptcy. When it comes to refinancing after bankruptcy, remember to check out all the sources, tools and providers that are available online.

Comments: 34

  1. Warner February 3, 2013 at 9:43 am Reply

    When she was in college, this company SM Servicing put on my fiance’s credit report that she owed them $3,000. When she paid them, they should’ve taken it off, but they didn’t.

    Ten years later, it’s still on there, dragging down her score, which we need to be as high as possible because we’re going to be refinancing in a couple months. Unfortunately, this company went out of business some time ago. We call their number and get a notice it’s been disconnected.

    What do we do?

  2. Erika February 3, 2013 at 9:44 am Reply

    Fico Scores range from 585-621. Self employed, bankruptcy within past year. Don’t care about interest rates. Honest, kind answers only, please.

  3. Mack April 11, 2013 at 1:25 am Reply

    Does a bankruptcy discharge liens on your property? What would you have to do to have the lien removed as part of the bankruptcy?

  4. Vergie June 2, 2013 at 8:25 am Reply

    What does it cost to get a chapter 13 bankruptcy in Kentucky?

  5. Sophie June 13, 2013 at 2:33 pm Reply

    My ex took over this debt in the divorce degree, with the agreement to refinance, instead he declared bankruptcy on the debt. I am trying to buy a house and can’t because of the judgement. Any suggestions on how to repair my credit or remove the judgement?

  6. Carl June 26, 2013 at 12:12 am Reply

    I have received a modified loan (yes it actually happened) because I lost income through a divorce. My ex-husband is no longer on title, but is still attached to the mortgage. I want to assume the loan and remove him, but now the bank tells me the modified mortgage is not assumable. My ex has defaulted on all his credit payments because he was sent to jail. I presume when he is released he will file bankruptcy. Can his responsibility for the mortgage be discharged and leave me remaining as the sole responsible entity?

  7. Milo September 7, 2013 at 1:30 am Reply

    I am a mortgage broker in SC. I have two individuals needing help with this situation. One is in bankruptcy and has rolling 5’s on his mortgage for the past year and a half. However, his ltv is at 55%.

  8. Rhett September 10, 2013 at 4:27 am Reply

    My ex is considering BK and in our court order he was to refinance to remove me from the loan and not to encumber the property. He has not removed me so I was wondering if a BK filing is considered an encumberance?

  9. Dee September 21, 2013 at 10:44 pm Reply

    1. We had a rental that was discharged in a bankruptcy- is that a foreclosure and how long do you have to wait (we have been told we can do now since its been 2 years, weve been told 3 years, weve been told 4 years).

    2. Do you pay upfront in FHA the PMI for the lifetime of the 30 year loan?

  10. Alex September 27, 2013 at 12:07 am Reply

    I’m upside down on my car and the payments are getting a bit much. Is there any way other than refinancing to get into smaller payments? Or get into a new used car and not lose any money?

  11. Charlott October 12, 2013 at 7:02 am Reply

    I need to refinance to stop a forecloser after a bankrupcty. Is there any way I can do this because the soon to be X is fighting everything and won’t sign papers to refinance.

  12. Dylan November 17, 2013 at 8:51 pm Reply

    My friend cannot keep up on bills her mortgage just rose -She was advised to go bankrupt -how can she keep her home?? And will the rates continue to rise as contracted.??? She is planning a chapter 13. She has no equity built up. Her condo’s value has dropped and is not able to refinance. She cannot sell without a loss.

  13. Erik January 1, 2014 at 3:27 am Reply

    My credit report is alot less than my husband’s, and I was wanting to just pay mine off and file for bankruptcy on his. Is that possible?

  14. Tami February 21, 2014 at 10:54 pm Reply

    .. the standard seems to be at least 2 years out. Has anyone on here successfully refinanced less than 2 years after your bankruptcy was discharged? If so, was it a bank, credit union, or what? Any insight would be helpful. Thanks.

  15. Clyde February 22, 2014 at 2:20 am Reply

    I filed personal bankruptcy in 2009 – I would like to know when it is safe for me to refinance my home

  16. Roger February 22, 2014 at 2:20 am Reply

    My debts (except house) were recently discharged through chapter 7. I would like to refinance my home. What’s the best financial institution to contact for refinancing for those who are rebuilding credit profiles? Thanks.

  17. Dominica February 22, 2014 at 2:20 am Reply

    My credit is poor so, if I refinance I will be paying a very high interest rate but, if my credit is already bad anyway should I just file for bankruptcy?

  18. Dagmar February 22, 2014 at 3:32 am Reply

    Any other Chapters for bankruptcies?

  19. Gale February 22, 2014 at 4:31 am Reply

    We bought our house 4 years ago and then declared bankruptcy a year later. We now want to refinance to pull the equity of approx 30k out of our house to use to fund our sons post secondary education. Will a bank, any bank in Canada do that or do I have to look for a specialized lender?

  20. Myron February 22, 2014 at 5:10 am Reply

    I am am separated from my husband and he refinance our home in which I just found out because I was trying to get a loan from H & R block -which was denied because of bankruptcy*

  21. Margarito February 22, 2014 at 5:45 am Reply

    Where would I get a finance loan if Im already in bankruptcy?

  22. Hillary March 2, 2014 at 5:15 pm Reply

    I have a 420 fico credit score, but I am hoping that after the bankruptcy my score will go up and maybe then I can get a better
    rate. Does this sound reasonable?

  23. Juan March 7, 2014 at 11:22 pm Reply

    I plan on declaring bankruptcy within the next 3 months. Can I refinance and then declare it?

  24. Mariam March 7, 2014 at 11:23 pm Reply

    i fell into a hole with money. i was doing very well with my finances until my son, wife and i all had surgery within 5 months of each other, mine being my back and i was off of work for several months. now we fell so far behind and lost 1 vehicle by repossesion. we feel that with all the medical bills and small loans that we have bancruptcy is our only option ( not really thrilled about the idea) and we really need to have a reliable car, so is it really true that you can get another loan ( one that i can afford right now) after the bancruptcy goes through.

  25. Rosaline March 8, 2014 at 8:55 pm Reply

    I owe $100k and I find it very difficult to pay all of my creditors. I will be able to pay off mortgage within 5 only if my payment does not increase, etc. Should I file bankruptcy? I am new to this so I need your input. I will be able to provide more details if you need. Also, I don’t have much knowledge of bankruptcy but for me, I am have difficulty paying my debts. Thanks!

  26. Jocelyn March 9, 2014 at 9:39 pm Reply

    My Grandparents have a loan for my car, I am also on the title but I cannot refinance the loan in my own name alone because I do not have enough credit history. I have been making all of the payments on time and often waaay more than the minimum amount due. The problem is that my Grandparents are having financial problems and they are considering bankruptcy, how will this affect my car? I have never missed a payment and I have worked really hard for this car, will the banks (or whoever it is) take it away and require me to pay the rest of the bill anyway?
    I have good credit, just not enough credit history.

  27. Zena March 11, 2014 at 2:55 pm Reply

    My mom filed for bankruptcy to save her home. I live in the house and she lives in a senior apartment, by choice. When she filed originally, the payment was 937.00 per month and I could afford that. When the case was finalized the payments jumped to 1200.00 and I have since lost my job. Is there anyway to save my house? This payment exceeds her monthly income and that doesn’t seem fair.

  28. Elisha March 11, 2014 at 9:04 pm Reply

    I am in so much debt right now that I do not know how I am ever going to get out of it!! It seems like my only way out is bankruptcy. If I do file for bankruptcy, will I ever be able to buy a car, home, etc… ever again?

  29. Jay March 19, 2014 at 4:27 am Reply

    I had my bankruptcy discharged in June, and got an auto loan with Drive Financial which is the biggest rip off but I needed a vehicle. Now I want to refinance, does anyone know of a bank that will refinance after 6 months of history after a discharge?

  30. Edelmira April 1, 2014 at 2:12 am Reply

    I need to refinance my vehicle. I have an old BK from 2002 on my credit report. What bank should I apply to?

  31. Saundra April 1, 2014 at 4:13 am Reply

    I recently filed for bankruptcy 6 months ago. My current mortgage is due to adjust in the next month or so. Is it possible to refinance while in bankruptcy and if so – who do I contact for this. What company’s work with this and won’t rake me over the coals?

  32. Ermelinda May 25, 2014 at 11:07 am Reply


  33. Florance May 27, 2014 at 12:08 pm Reply

    If you had loans both secured and unsecured, would you get an attorney for bankruptcy or what would you do in this case:

    Liabilities and expenses exceed your net income
    constantly refinancing to stay above water

  34. Salena June 6, 2014 at 2:44 am Reply

    We were in Chapter 7 about 2 years ago, I am trying to rebuild our credit and I want to now refinance my mortgage. Just recently the mortgage was given to a company that deals with folks like us from Bank of America. I want to see if I can refinance it and was wondering which financial service would be good.

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