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Refinance after chapter 13

Hello,I filed chapter 13 bankrupcy 3.5 years ago. After making 3 years of payments , it has been dismissed as of April 2012. I have a good job making 77k per year + bonus. I also have a sports photography company that is expected to profit bout $70k next year. I am looking for options to refinance as my rate currently is at around 6% and I should be able to lower my payments quite a bit.I owe approx $110,000 on the townhouse and it is currently worth approx $170I am not sure of my credit score, creditkarma.com shows it at 638, but I am not sure if this site is accurate.I am trying to determine if I can refinance now or need to wait longer? I am located in Bedford NHthank youJohn by john_397_649 from Bedford, New Hampshire. Nov 8th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You have to wait till one year past the discharge date to get FHA financing... if your current loan is FHA, then you should have no problems.. if your current loan is conventional, and you wish to use conventional financing again, then you will need to wait 2 years from the discharge date.. and your credit will need to have improved.. the rules are different for FHA / VA / Conventional / USDA.. so it really depends on which type of loan product you have now and whether you have equity or not, and if you do, then how much equity?? Because this info is missing, it's hard to properly advise you... 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

Nov 8th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,901 contributions

The question is was your Chapter 13 dismissed, or discharged? If you made all of your payments, and it was discharged, you should be eligible now as long as you can shoe that you made all of your payments into the plan as agreed. You will only be eligible for an FHA loan at this time. If your current loan is FHA, then you should be eligible for a streamline refinance. Always work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Nov 8th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Hi John, you should be able to refinance if that score is somewhat accurate, I'd guess a rate under the 4% range but it partly depends on whether the current mortgage is a FANNIE or FREDDIE owned, or possibly FHA. I actually have a sister, cousin and aunt that live in Bedford. I can help if you like or help you find someone who is closer to you from my company. pdumouchel@primelending.com or 843.619.6025

Nov 8th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

On a Chapter 13, FHA will allow only a 1yr of waiting period after discharge and a borrower's payment performance must have been satisfactory with all required payments made on time. a Chapter 7 is a two year wait period. Call a LOCAL lender, not a national company, and they will be able to help you that. ALL borrowers that have had a BK have some credit issues reflected incorrectly on their reports, I am sure you do to, and a Local lender can help you get those cleared up in about a month or so, so get started now on getting it cleaned up and that will help your score for you to be able to refi next April. I only lend in Utah so if you know anyone that needs mortgage financning in Utah please have them contact me at 801-971-6901 or MortgageLendingPro@gmail.com. Thanks and good luck.

Nov 8th 2012
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Hey John,I am a licensed branch manager, NMLS # 162521 with the #1 Purchase lender in the state of NH. I live and work right here in NH and can give you an accurate assessment of what we can do for you during a short phone conversation. Call me on my cell at 603-533-3071.Regards,Mac

Nov 8th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

John, there is another possible solution for you.. please email me at yourloanpartnerforlife@live.com linda credut karma scores are ususally lower,, its a consumer credit report and not a mortgage report...

Nov 8th 2012
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David Buchanan (PMFloans)
#41 ranked lender in Minnesota - 16 contributions

Sorry but I think you should have done a Chapter 7.My website has a great deal of information that you can look at, for Free.It may help you understand your current situation.www.loanzasap.com

Nov 8th 2012
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