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We want to use the equity in our home to pay off a high interest loan at a bank but we file bankruptcy.

by marksteele1957303 from Martinsville, Virginia. Jul 24th 2017 Reply

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

More info needed.. BK 13, or BK 7? How long ago did you file.. or when was it discharged? For a "rate and term" refinance with a BK 13, you can refinance so long as you have made the past 12 BK payments on time and you obtain permission from the trustee.. if you filed a BK7, then you need to wait 3 years before you can do a cash out refinance, but only with FHA.. for conventional financing, you need to wait 4 years.. IF you have VA benefits available, then you can cash out after 2 years. All these mandatory waiting periods start from the discharge date of your BK.. try contacting a mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 24th 2017
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