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Are there any lenders that will refinance our mortgage after bankruptcy?

My husband and I filed a chapter 7 bankruptcy that was discharged in December 2010. I thought the wait period was two years however, I have been told by several lenders that the wait time has increased to four years (Fannie/Freddie). We have had no late payments in the last 12 months and have been re-establishing since. We really need to take advantage of these lower rates to lower our payment (we have a first and a second). I am afraid that in having to wait another 1 1/2 years before we can refi, the the rates will be high again. Feels hopeless. Thank you for any guidance you can provide. by mmabmj from Fort Mill, South Carolina. Apr 30th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

A lot of info is missing.. are you underwater? Does your loan qualify for a HARP refi? Which loan product do you currently have?? FHA? VA? Conventional? USDA?... each one has specific guidelines.. In general.. you can refinance any mortgage into an FHA loan after 2 years.. if your VA eligible, you can use your VA benefits to refinance after 2 years as well.. if your loan qualifies for HARP, then it's possible you can get an approval since the mandatory waiting period is waived for HARP refi's.. your file is still has to go through an automated underwriting approval system, where it will look at your complete profile, but they are approving folks with BK's and Foreclosures.. if you want to know for sure, then you should contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 30th 2013
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Ken Baltes (kbaltes)
#16 ranked lender in North Carolina - 242 contributions

Can I assume that there was no property listed in your bankruptcy? You reaffirmed both mortgages on your current home? I may be able to help you. Feel free to phone me today for a further look. I am licensed in NC and SC and my office is in Indian Trail NC. Ken Baltes 704-684-2117 American Security Mortgage.

Apr 30th 2013
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Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 120 contributions

Good morning, you are correct for Fannie Mae and Freddie Mac but you can possibly do a FHA loan after 2 years discharge as long as you do not have any lates after BK. Have a Great Day!! Todd

Apr 30th 2013
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

The shortest wait period is with an FHA loan - 2 years. Otherwise, you must wait 4 years to get a Conventional loan.

Apr 30th 2013
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Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions

Hello, as long as you do not have any property including in the bankruptcy, the wait is 2 years. Steffnie Parsons, People's Bank and Trust. 405-445-1091

Apr 30th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Contact one of the members of this forum who service your area.

Apr 30th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, you can refinance after 2 years if there was no foreclosure involved. Talk to a Lender411 loan officer to help you.

Apr 30th 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

2 years is OK as others stated but depends on product and if you have re established credit since the discharge.

Apr 30th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

You should look for a local, licensed loan officer to assist you with this. Though I am not local, I do know that recently (in past month) Freddie has lowered their bankruptcy wait time to two (2) year from discharge date. Same is true for FHA. Good luck!

Apr 30th 2013
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