Refinance After Bankruptcy

by Diana Smith
(Greenwood, IN USA)

Regarding Refinance After Bankruptcy: My husband and I built a house in 1996. After running into financial difficulties and filing bankruptcy 5 years ago, our house was almost lost to foreclosure three years ago.

My in-laws took a mortgage out to help us three years ago. We have the mortgage payments deducted every month out of our savings account at our bank. We have never been late on any payments for the entire three years.

Is there a way to get our mortgage through a mortgage company or bank? Please help!

Kate Answers: Refinance After Bankruptcy

Hi Diana, I love how much you have hung onto your house, avoided mortgage foreclosure and persevered. What family support you have.

Over the years, the time frame for refinance after bankruptcy varies. I've seen homeowners refinance after one year and others needing to wait more than seven. It depends on the market, the individual lender, and the homeowner's credit history since the bankruptcy.

Whether or not refinancing is possible right this moment or not, work on repairing your credit. At the bottom of this page I've listed links leading to credit solutions to better your chances for refinance after bankruptcy.

Then visit Improve Your Credit Rating for solutions based on credit questions from other Contributors just like you.

Following this, request every bank statement, all pages, showing your mortgage payment being automatically withdrawn. File each statement starting with the first payment in a safe place.

When you refinance, this can be important third party payment documentation since the mortgage is in your in-law's name.

Take a moment to bookmark Refinance After Bankruptcy to your favorites and visit often for more credit tips. Diana, you can also invite friends to comment on this page or ask another question of their own like you did.

Good luck and I hope you will let me know of your success. In the meanwhile, please tell if you have more questions.

Best Wishes,

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The information you obtain at this site is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates, loan programs, and guidelines are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of and its owners.

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