Is it true that no one will refinance a mortgage immediately following a bankruptcy discharge?
bless424 asked: Not even to refinance from an adjustable to a fixed?
Jamie
Tags: Bankruptcy Discharge, Mortgage Bankruptcy, Refinance Mortgage
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on Thursday, December 11th, 2008 at 12:06 pm and is filed under Other - Business & Finance.
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December 11th, 2008 at 1:22 pm
I don’t think that is necessarily true. If you did not include the mortgage on the bankruptcy and have a good history on paying the mortgage, no late payments etc. I would start with the company that currently holds your mortgage. You may have to pay a higher rate because of the bankruptcy but that does not mean that they will not refinance it.
December 11th, 2008 at 7:09 pm
Yes, with today’s tighter guidelines, one will need to wait between 2-3 years before getting a home loan or refinancing. This is why it’s important to get a fixed rate. One thing to note, if you’re home was included in the bankruptcy, your credit may report the home as a foreclosure–in which you’ll have to wait longer than 3 years.
It’s a good idea to have someone pull your credit after a bankruptcy to make sure all of the accounts that were supposed to be included where, in fact, included.
I’m a licensed mortgage broker in Austin, Texas. My company is