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?
2007-03-08 04:52:29 · 6 answers · asked by danczar1 2 in Business & Finance ➔ Renting & Real Estate
You will end up with a "subprime lender" probably and pay at least 2-3% per annum more than you would without banrkuptcy. And to get a mortgage, you'll need a good job and a good appraisal for the real estate.
Watch carefully for hidden costs in your loan like "yield spread premium" particularly in deals supposedly without closing costs. The customer always pays and you're the customer.
I can't name names since I don't know where you live but be very careful and ask lots of questions. Compare various loans looking at the "good faith estimates" which you must get before you close on your re-fi.
2007-03-08 23:01:29 · answer #1 · answered by DLeibowitz 5 · 0⤊ 0⤋
As far as I know, you will pay at least 3% more per year than you would without bankruptcy. A good site for mortgage loans for bad credit is at: http://www.freshmortgagerates.com/refinancing-after-bankruptcy
They offer free and informative sites where you get advice on bad credit home loans. Most importantly, you'll need a consistent and reliable job (best would be full-time) to get a mortgage. Then hope that the appraisal of the real estate will be higher.
Good luck
Jim
2014-10-06 17:40:13 · answer #2 · answered by ? 2 · 0⤊ 0⤋
There are many companies that will help you refi. Even with a bk but look closely at the fees they charge you. A lot of loan officers will take advantage of you because of that bk. I am a loan officer and I have seen this happen many times. Let me know if you need help
2007-03-08 13:20:24 · answer #3 · answered by James S 2 · 0⤊ 0⤋
A good site on mortgage loans for bad credit is at http://www.mortgageawareness.com. They have free info and advice on bad credit home loans.
2007-03-08 13:30:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋
it depends you may or may not be able to being as though you had filied for bankruptcy. but you could do a bk buyout. shot me an email if i'll see if anything can be done.
2007-03-08 13:12:30 · answer #5 · answered by cmruffin1 2 · 0⤊ 0⤋
Go to Lending Tree.
2007-03-08 12:59:56 · answer #6 · answered by F T 5 · 0⤊ 0⤋