You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, this means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want to see you pay the plan to it's end and then refinance.
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I work in conjunction with a mortgage broker who is able to get financing for people 12 months out of bankruptcy. I filed bankruptcy in august of 03 and here it is may of 04. I raised my credit scores higher than they were before i filed bankruptcy, but they are still too low. You will only get a mortgage for 70-80% (20-30%down) if you only wait a year. If you wait until it is discharged for 2 years, you will save a ton of money on the downpayment AND on interest. After you file bankruptcy, you need to write letters to everyone you were discharged, so they put on there that you have a zero balance. Keep track of all of this. It is very stressful, but it works. There are several sub-prime mortgage companies who will lend to borrowers one day out of bankruptcy (one day after your discharge).
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
No, that can only occur in a chapter 13. If you filed a chapter 7, a lender would be able to get relief from stay (i.e. would still be able to foreclose on you)
If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I work in conjunction with a mortgage broker who is able to get financing for people 12 months out of bankruptcy. I filed bankruptcy in august of 03 and here it is may of 04. I raised my credit scores higher than they were before i filed bankruptcy, but they are still too low. You will only get a mortgage for 70-80% (20-30%down) if you only wait a year. If you wait until it is discharged for 2 years, you will save a ton of money on the downpayment AND on interest. After you file bankruptcy, you need to write letters to everyone you were discharged, so they put on there that you have a zero balance. Keep track of all of this. It is very stressful, but it works. There are several sub-prime mortgage companies who will lend to borrowers one day out of bankruptcy (one day after your discharge).
yes you can !i know from experience that you can the day you leave the courthouse!!!!!!
Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed. Generally, you are able to refinance 2yrs after a Chapter 7 discharge.If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
No, that can only occur in a chapter 13. If you filed a chapter 7, a lender would be able to get relief from stay (i.e. would still be able to foreclose on you)
No
In theory you can get a new mortgage anytime, but it is going to be more dependent on your credit score, how much equity you have, and your mortgage payment history over the past 12-months. Your grading will be determined by how long ago you filed the BK and how long ago the foreclosure was filed, but you should be able to qualify for a new mortgage loan.
A Chapter 7 can be filed with an open Chapter 13.
of course it will, BKs are on a credit report for 10 years
If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.
A chapter 13 bankruptcy can be filed if it has been at least 4 years from the date of the discharge of a chapter 7. Nonsense. You can file a chapter 13 the day after the 7 is closed. You may not be eligible for a discharge, but the point of doing a "chapter 20" is usually to dump the unsecured debt in the 7 and use the 13 to get caught up on the mortgage, for which no discharge is necessary.