Bad Credit Home Refinance Loans

After Bankruptcy Mortgage Refinance

An after bankruptcy mortgage refinance can be a big problem. Afterall, the reason you went into bankruptcy was because you were unable to make all of your mortgage obligations, and you had to go to the legal system to help you get out of debt.

While that is probably the case, there is life after bankruptcy. In general, you may not be able to refinance or get any kind of credit for up to 11 years after a bankruptcy. While the reason for a bankruptcy is to get a fresh start, and that is why the legal system created it, the financial system i.e. the people with whom you want to refinance with may not be too excited to help you.

There are exceptions to this situation though. Right now, the Federal Government is encouraging banks to work with people to help keep them in your home. If you were able to restructure your debt during your bankruptcy, and get to a point where you are able to manage and responisibly take care of your debt, you may be able to get a mortgage refinance after bankruptcy.

What you will need to prove is that it is in the banks best interest to refinance your mortgage. If you can show them that by refinancing your mortgage, you will be in a better position to keep the loan performing, then you may get what you want. There have been cases when a bank has modified a loan and lowered interest rates without the cost of a mortgage refinance.

The first step is contacting the loan servicer and getting in tough with the loss mitigation department. Once you do that, you will need to speak to someone about your particulare situation.

Keep something in mind. Many mortgage companies are currently overwhelmed with people looking for a mortgage refinance or a mortgage loan modification. You must be patient, but also persisitent.

An after bankruptcy mortgage refinance is something that can happen, but you need to do your homework and present a very strong case for yourself.

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