My husband and I filed bankruptcy and it was discharged in March of 2006. Our mortgage has a 3 year adjustable rate mortgage (ARM) and 3 years will be up shortly. If I don't re-finance, my rate is going to go up 3%. It's already high enough! Any suggestions for a company that won't screw us around?
2007-05-15 15:27:58 · 8 answers · asked by CCCtwins 1 in Business & Finance ➔ Renting & Real Estate
Something sounds really strange. It isn't normal that a rate could go up by three % at one time. Normally this is capped by year and capped by the life of the loan. I would re-read your existing mortage before you do anything. If you still feel you need to refi then you could take your present mortgage and payment history to just about any bank. If your payments have been on time, you shouldn't have any problems.
2007-05-15 15:49:20 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
I was in a similar situation two years back and did a lot of research on different mortgage options for bankruptcy situations.
Unfortunately your options are somewhat limited. You are going to get screwed over on fees and rates because of the BK - the question is how to limit the amount of the hit you take. I talked to several mortgage brokers and 5+ mortgage companies before I did anything. The fees were all high but the rate varied from 6.75% to 16%. Because all the lenders quoted high fees I chose the one with the lowest rate. At the time it was New Century Mortgage. I heard recently that new Century filed for reorganization so I don't know if they are an option.
The one piece of advise I would give is don't trust a mortgage broker. I caught each and every one of them in a lie. They think that just because you have a BK on your record that you are stupid and should be happy that they are even willing to talk to you. Do not let them screw you over. Do your homework and know the rates available. Go to the mortgage forum at creditboards dot com and talk to some of the people there. They can help. But don't trust any of the mortgage brokers in the forum either. They are scammers too. Good Luck
2007-05-15 15:48:21 · answer #2 · answered by GUS 4 · 1⤊ 0⤋
Wow, First off, the statement about brokers is completely false, second, you should shop around to see who can offer you the best deal, I mean shop different brokers, but if you want to call and fill out 200 applications to 200 companies and have your credit pulled 200 times to see who has the best rate, I suggest that you take the next 2 years off to do that, otherwise using a broker is the way to go, because there is no way you have the time or the resources to do the job of a broker, remember a broker shops your deal to many, many places, places you have no idea exist because that's not what you do. you should look into the company and make sure they have a good record. And actually I don't see you having a problem. Do your research and you will be just fine. PS don't believe everyone that posts, its clear that there are people that just don't have a clue. Good luck
2007-05-15 19:48:00 · answer #3 · answered by getthetruth 1 · 0⤊ 1⤋
First, do not contact online predators. Spammers, like Marty from Premier Loan Sharks, are wanting to prey upon your situation, not help. You can suffer worse then financial lose, you could be giving your credit information to an identity thief and suffer for years to come. It is especially hard to deal with if you deal with anotehr country, there is no way to know where someone online is really located and if you have any legal rights if they steal from you.
You are not in a good position right now. Work with a local mortage broker (ask your real estate agent to recoommend one). Many of them are not trustworthy, but if you neet in person you will know if they are sincere or not.
2007-05-16 15:56:50 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Realistically, you are not bankable for 2 years after a bankruptcy... at least not one that will not completely screw you.
The only shot you have is using a company that uses manual underwriting. Automatic underwriting based on credit score will not fly.
Try a local credit union, or a small, local bank.
2007-05-15 15:37:44 · answer #5 · answered by Mike 6 · 1⤊ 0⤋
Wishful questioning. The debt remains owed. it must be somewhat extra complicated on the thank you to repay the debt, even though it won't vanish into skinny air. the business enterprise filed BK because of the fact they owed their lenders. The lenders are going to pass after the business enterprise's ingredients to reclaim distinctive the debt. of path, this does not think approximately stable previous vogue human errors. Your debt must be neglected (yet i does not anticipate that). wish that facilitates.
2016-11-04 01:50:52 · answer #6 · answered by atalanta 4 · 0⤊ 0⤋
Whatever company you choose talk directly to the company, don't use a broker because once you sign the papers they can't do anything for you except collect their commission.
2007-05-15 15:33:26 · answer #7 · answered by John D 2 · 1⤊ 0⤋
if anyone answers this question with an offer to give you a loan, don't trust them.
2007-05-15 17:50:04 · answer #8 · answered by therainbowseeker 4 · 3⤊ 0⤋