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.

One thing you may be able to consider instead of refinancing a home loan. Depending on the kind of bankruptcy you are dealing wiht, whether chapter 7 or chapter 11 bankruptcy, your lawyer or the judge may be able to negotiate new terms on y our current mortgage.

Don’t forget, when you are going through bankruptcy, you are looking for a fresh start, and the Judge will look at things and decide what is in the best interest for you and for the creditors. It may be possible that the judge decides that the best thing to do is to restructure the terms of the loan so taht you can keep paying and stay in your home.

Alot of this will depend on whether you can keep making on time payments with the new payment plan, and your ability to make the loan stay current. Make sure you talk with your attorney about your options regarding any kind of home loan modification or re structuring of the terms. One thing for sure you will have bad credit when this is all done, and it will be hard to get any kind of bad credit home refinance loans so it is a good idea to get this done now.

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    [...] Refinancing with poor credit score is definitley doable, and you can get a mortgage loan refinance even if you have bad credit. I get questions all the time about how to refiance with poor credit, or how to get a mortgage refinance after bankruptcy. [...]

     

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