Archive for October, 2009

Need Help Getting Refinanced In Bankruptcy

If you are in bankruptcy, and you are looking to get help and are trying to refinance while you are going through bankrupcy, then you may need to rethink your options.

If you are currently going through bankrupcy, then you already have a lawyer, and you are seeing the courts and asking for help. At this point, it is probably not the best idea to try to refinance your home loan or any mortgage. At this point in your financial situation, you are going to have a really tough time getting any banks to extend you credit.

As well, if you are going to refinance your home loan, you need to remember that you will need to come up with funds to pay for a refinance. Any refinance can end up costing you anywhere from 3-5% of the total loan amount in closing costs. And if you are in bankruptcy, then you are already in a position that you don’t have any money. Read more »

Home Modification After Bankruptcy

Do you have a situation where you need to try to get a home loan modification and you have already filed for bankruptcy?

If you have recently filed for bankruptcy there is ways to get a mortgage. The best way to do this, is to make extra efforts to increase your down payment (bigger = better) and make sure you are prepared for income verification by the lender.

Typically, lenders require a 24 month wait from the moment the bankrupcy was official until you will be considered for a home loan. However, when that 2 year wait is over, you most likely will be able to receive 100% financing for your mortgage. Keep in mind your credit score will still need to be decent. Keep up to date with payments, even minimum payments at all costs, especially after bankruptcy. Read more »

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