We will be paying the lawyer this week the balance owed to file.When the 4 months of all this is over is it possible to be able to refinance a house for lower pmnts?Right now we are on an arm and our house pmnts go up in April to over 1,000.Help me!!
2007-02-10 12:47:30 · 7 answers · asked by Missvicki 3 in Business & Finance ➔ Renting & Real Estate
There are many lenders who will refinance you just out of bankruptcy, as long as your bankruptcy has been discharged. While the interest rate you may qualify for will probably not be the greatest the loan can often times be structured so that you have lower monthly payments. Good luck!
2007-02-10 12:54:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Some lenders now allow for financing 1 day out of chapter 7 to 100%. If you are not looking for maximum financing, you options do become a lil wider.The downside, is that you will probably have to take another ARM, to make it affordable that is. This should give you enough time to put some history between you and your BK. A good broker in your area should be able to work quickly to provide financing either before you adjust or shortly thereafter. Please review your fees and rate as their may be few out there anxious to charge you an arm and a leg due to your position. If you post these fees, I'll let you know if they are fair for someone in your position. Your first adjustment may be a lil painful, but you should be able to get re-financed before the second adjustment. Good luck
2007-02-10 20:57:56 · answer #2 · answered by Nyte M 2 · 0⤊ 0⤋
I re-financed my house twice after a Chapter 7. While it is true that many lenders will not touch you for the first 2 years, there are always lenders who will. You will not qualify for a good interest rate. The first place you should start is with your current mortgage holder. They will often offer you a good deal, and sometimes you will not lose the years you have already had the mortgage.
2007-02-10 22:54:04 · answer #3 · answered by Sharingan 6 · 0⤊ 0⤋
you might be able to after the BK is discharged !!!!
If not 2 years post discharge
you may be able to refi tho
ask mtg co ! Nothing lost here.
They DO NOT WANT foreclusre any more than you do !
Costsem too much
they may work with you now !
ask!
2007-02-10 20:53:01 · answer #4 · answered by fred6636 2 · 0⤊ 0⤋
Hi, I've done many CH 7 Bk refies. Please email me with your scenario. Once is discharged you can Refi. But there is ways around it, depending on the weightiness of your situation. What state are you in? I can give you a professional no cost or obligation consultation. Im a mortgage consultant. Please go to my website at www.pelicanlending.com to check us out, or email me at chris@pelicanlending.com. I can at least let you know where you stand.
Chris Diaz
Morgage Consultant.
2007-02-10 23:15:30 · answer #5 · answered by 4walls 2 · 0⤊ 0⤋
Yes, you can refinance. You need to refinance for a fixed rate!!
Try www.homeloanbank.com
2007-02-10 21:04:28 · answer #6 · answered by CJ 2 · 0⤊ 0⤋
No, its not possible.
The bank won't touch you!
2007-02-10 22:07:54 · answer #7 · answered by traderb550 3 · 0⤊ 2⤋