Home Loans Grand Prairie

how long after bankruptcy can i refinance my home

A refinance can cost more money in the long run if you start your new loan with a 30-year term.. and you can lose your home to. How long after bankruptcy can I buy a house? Our chapter 13 bankruptcy division offers mortgages as soon as 12 months into your Chapter 13 Plan with trustee approval.

How to Refinance Your Home Loan With Bad Credit;. You may want to talk with a lender after your bankruptcy is complete to put together a game plan.. How long before we can buy a home.

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For our refinance customers, we can work with title experts to clear up any issues with old liens that were not properly stripped off after discharge. This is in sharp contrast to other banks that force you to wait up to two years to obtain a Chapter 13 home loan. Other banks simply do not understand the common problems our clients face.

Of course, you’ll also need to factor in your credit since that’ll determine the rate you’re offered when you go to re-fi (more on this in a minute). You can view two. top if you own your home for.

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Great question, David! It depends entirely on what kind of loan you’re using after the BK or foreclosure. If you’re applying for Conventional financing using Fannie Mae guidelines, the “seasoning period” starts from the day of your Bankruptcy Discharge.

By refinancing into a 20-year term, you would be able to knock 5 years off of your original timeframe for paying off the original 30-year mortgage.

With Chapter 13 bankruptcies, the seasoning period will depend on whether your bankruptcy was discharged or completely dismissed. If your Chapter 13 bankruptcy was discharged, you’ll need to wait at least two years from the discharge date to qualify for a conventional mortgage.

You are correct in one assumption: few lenders want to force a sale or foreclose. But you might not be correct in your other assumption — that you can’t refinance because of the bankruptcy. As long as the market value of your house hasn’t declined substantially since you bought it, it’s still a well secured investment for your mortgage holder.

Filing for bankruptcy does not cancel your obligation to repay a loan if you remain in the home, nor does it end the bank's lien on the home, in case you should.

FHA Loan Requirements After Chapter 13 bankruptcy requires no waiting period after a Chapter 13 Bankruptcy discharged and needs to be manual underwriting.