Within the past month or so, I have received numerous calls concerning this question. Simply put, the answer is “YES!” I’ve taken the time to read some other posts and articles online and I’m amazed at the misinformation that exists on this topic. It amazes me how misinformed the general public is on this topic. What’ve even worse, it seems most mortgage and real estate professionals alike lack a great deal of knowledge on understanding bankruptcy as well. Many of the borrower’s that I have worked with in the past and am currently working with have expressed that they’ve applied or consulted several other mortgage professionals. They were all turned down cold or told to come back 2 years after their Bankruptcy was discharged.
Imagine experiencing temporary loss of sight or pain in your eyes. Would you consult a foot doctor or an eye doctor? Keep in mind, they are both Doctors. Most of us wouldn’t dare visit a foot doctor for a problem with our eyes. We’d make sure to consult a qualified optometrist (eye doctor). Now ask yourself, why people don’t seek mortgage professionals who specialize in Bankruptcy, Foreclosures or ARMs (Adjustable Rate Mortgage). They most often just call any mortgage company or professional. What’s worse most mortgage professionals don’t specialize in dealing with Bankruptcies.
Well here’s some additional info that you may find useful when it comes to Refinancing your home while in Bankruptcy. It is possible to refinance your home while in Bankruptcy. It’s also possible to refinance your home while in Bankruptcy and get a mortgage rate that is comparable to current market rates. No double digit or SubPrime rates necessary. I thought many of you might like to hear that as well 
The moral of this story is… Yes it is possible to Refinance your home while in Bankruptcy. Whenever possible, make sure you accept, receive or seek Bankruptcy mortgage advise and/or counsel from a mortgage professional that specializes in working with Buyers or Homeowners who have a Bankruptcy or other credit issues.
As always if you have questions, comments or concerns feel free to post a response here or click here to Talk With Steph.
Professionally yours,
20 responses so far ↓
Steve // February 25, 2008 at 1:23 am |
Where can I go to refi under BK?
stephlove // February 25, 2008 at 5:09 pm |
Steve,
You can contact me directly and I will be more than happy to assist you. I can be reached toll free at the number listed below in my signature.
Professionally yours,
Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph
Best of luck to you my friend,
Steph
Larry // February 25, 2008 at 10:45 pm |
How long does it take for you to refinance someone in Bankruptcy?
stephlove // February 25, 2008 at 11:08 pm |
Larry,
The time it takes to refinance varies. In short, it can usually be done within 4 to 6 weeks.
Professionally yours,
Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph
Best of luck to you my friend,
Steph
kathleen squatirito // April 26, 2008 at 7:57 am |
I would like to refi please call me or email me
Michael // July 28, 2008 at 1:51 pm |
I would like to refinance and i filed for Ch 13 two years ago. but my adjustable rate is killing me and i cannot afford my payments. is there any way to get me out of this hole?
Shaylor Branch // September 17, 2008 at 4:13 pm |
I filed chapter 13 due to workers comp. injury in November 2007… Bankruptcy payment & mortg. payment is over whelming. Single mom with 3 teens needing help.
SHOUNNETTE WOOTEN // October 22, 2008 at 10:04 pm |
I FILED CHAPTER 13 IN SEPT 2007 MY PAYMENTS COME DIRECTLY OUT OF MY CHECK BUT THE PAYMENTS ARE BECOMING VERY OVERWHELMING I WOULD LIKE TO REFINANCE COULD YOU PLEASE HELP ME
Kim Brooks // February 26, 2009 at 6:31 pm |
Me and my husband are currently in a Chapt 13 which will end in a couple of months. All of sudden we get something in the mail from our mortage company informing us that our mortage payment will increase from $843 to $1,277 in the next month. Can a mortgage company raise your mortage payment while still in a chapter 13 or does the new payment on apply once we are out of the Chapt 13.
stephlove // March 30, 2009 at 10:23 pm |
Kim,
The Bad news is…I am sorry to inform you that a mortgage company can increase your payments while you are still in Chapter 13. The good news is… they are currently working on legislation to allow the courts to modify your loan while in Chapter 13 to prevent ARM adjustments.
You guys may want to consider seeking assistance with refinancing as quickly as possible. ARM adjustments can be extremely difficult to deal with.
Should you want to discuss particulars in more detail please feel free to click“Talk With Steph” and I will be glad to discuss your personal particulars with you via the telephone. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph
Best of luck to you my friend,
Steph
Brenda Kennedy // February 27, 2009 at 8:53 am |
Refinance while in bankruptcy.
Michael Pozzuto // March 3, 2009 at 7:40 pm |
I would like refinance my home right now I am in Chapter 13 but the mortage company raised the payment after the origanal hearing in December of 2007. Please contact me ASAP. Thanks
stephlove // March 30, 2009 at 9:57 pm |
Michael,
Unfortunately the Bankruptcy Courts are unable to prevent Adjustable Rate Mortgage loans from adjusting while you are in Bankruptcy. I know it sucks but, what can we do for the time being. They are working on new legislation that will allow the Bankruptcy Courts to modify the loans. Stay tuned, we’ll see what happens.
As for your immediate situation, please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone. I encourage you to also subscribe to this Blog and follow me on Twitter at http://www.Twitter.com/Follow_Steph . Best of luck to you my friend.
Professionally yours,
Steph
Lillie Dixon // March 10, 2009 at 10:21 pm |
i have been in chapter 13 for one year and i just need to refi to get a lower rate. I heat pump doesn’t work and it’s cold here in the winter. I hope you can help or guide me in the right direction.
Thank you in advance
stephlove // March 30, 2009 at 10:09 pm |
Lillie,
Thanks for your comment. Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph
Best of luck to you my friend,
Steph
Robert // May 2, 2009 at 10:17 am |
Could you give me some companies that help you refi while in bk?
stephlove // May 15, 2009 at 7:10 pm |
Robert, Thanks for your inquiry. The Good News is any FHA approved mortgage company should be able to handle this process for you. The bad news is… my experience has been that most loan professionals and companies don’t specialize in the art of the Bankruptcy deal. I would make a few calls to a few local Mortgage Brokers, Bankers and/or banks to see if they have any mortgage professionals that specialize in this particular niche. If you fail to find assistance feel free to visit http://www.ChooseEagle.com and complete an online application. I will personally review your application and call you to discuss further the possible solutions available.
Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone prior to completing an application. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph to receive updates on new posts to my Blog, free tips and giveaways. Best of luck to you my friend.
Professionally yours,
Steph
Robert // May 4, 2009 at 6:01 pm |
I need to refi during bankruptcy and I can’t seem to find lenders that will help me.
randy // May 13, 2009 at 4:30 pm |
who can i talk to to see if i can refinance my home? we filed for bankruptcy in Aug of 08 and was discharged in Oct of 08. can anyone help us refinance?
stephlove // May 15, 2009 at 7:11 pm |
Visit http://www.ChooseEagle.com
Should you want to discuss particulars in more detail please feel free to visit the “Talk With Steph” section and I will be glad to discuss your personal particulars with you via the telephone prior to completing an application. You can also subscribe to this Blog and/or follow me on Twitter at http://www.Twitter.com/Follow_Steph to receive updates on new posts to my Blog, free tips and giveaways. Best of luck to you my friend.
Professionally yours,
Steph