Bankruptcy Mortgage Refinancing Help

Refinance Home Loans for People with Damaged Credit, BK, Foreclosure & More

Finally, there is a place to find bankruptcy mortgage lenders that provide refinancing loans for people with credit problems after a bankruptcy or foreclosure. There could be changes coming to the bankruptcy laws in 2020, so get help locating the mortgage companies that are equipped to answer your questions on qualifying for a mortgage after a bankruptcy. There may be new choices for borrowers with low credit as the rules for refinancing with poor credit histories and refinancing after a bankruptcy have changed.

If you have less than perfect credit you know that qualifying for a refinance mortgage or home equity loan can be very difficult after a bankruptcy, foreclosure, short-sale and even credit counseling. Bankruptcies have become much more common in the last decade, due to the increasing consumer debt and instability in job marketplace. It is very important to rebound after a BK, and rebuild your credit.

Home refinancing is a great way to rebuild your credit scores quickly. FHA bad-credit loans enable borrowers to qualify for home refinancing 2 years after 7 or 11 bankruptcies are discharged. There are several subprime and FHA programs that enable borrowers to pay off their chapter 13 bankruptcy in a refinance loan if they have good payment history with their BK, and they have been paying on it for more than one year. bad credit refinance mortgages can be very difficult to get approved by a bank, so connecting with a lender that understands your needs and has experience getting a refinance mortgage after a bankruptcy approved in 2020 is essential.

Preferred Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home Manufactured Home Property Value Select One-----------> 1st Time Buyer 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 - 100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 115,000 - 120,000 120,000 - 125,000 125,000 - 130,000 130,000 - 135,000 135,000 - 140,000 140,000 - 145,000 145,000 - 150,000 150,000 - 155,000 155,000 - 160,000 160,000 - 165,000 165,000 - 170,000 170,000 - 175,000 175,000 - 180,000 180,000 - 185,000 185,000 - 190,000 190,000 - 195,000 195,000 - 200,000 200,000 - 205,000 205,000 - 210,000 210,000 - 215,000 215,000 - 220,000 220,000 - 225,000 225,000 - 230,000 230,000 - 235,000 235,000 - 240,000 240,000 - 245,000 245,000 - 250,000 250,000 - 255,000 255,000 - 260,000 260,000 - 265,000 265,000 - 270,000 270,000 - 275,000 275,000 - 280,000 280,000 - 285,000 285,000 - 290,000 290,000 - 295,000 295,000 - 300,000 300,000 - 305,000 305,000 - 310,000 310,000 - 315,000 315,000 - 320,000 320,000 - 325,000 325,000 - 330,000 330,000 - 335,000 335,000 - 340,000 340,000 - 345,000 345,000 - 350,000 350,000 - 355,000 355,000 - 360,000 360,000 - 365,000 365,000 - 370,000 370,000 - 375,000 375,000 - 380,000 380,000 - 385,000 385,000 - 390,000 390,000 - 395,000 395,000 - 400,000 400,000 - 405,000 405,000 - 410,000 410,000 - 415,000 415,000 - 420,000 420,000 - 425,000 425,000 - 430,000 430,000 - 435,000 435,000 - 440,000 440,000 - 445,000 445,000 - 450,000 450,000 - 455,000 455,000 - 460,000 460,000 - 465,000 465,000 - 470,000 470,000 - 475,000 475,000 - 480,000 480,000 - 485,000 485,000 - 490,000 490,000 - 495,000 495,000 - 500,000 500,000 - 505,000 505,000 - 510,000 510,000 - 515,000 515,000 - 520,000 520,000 - 525,000 525,000 - 530,000 530,000 - 535,000 535,000 - 540,000 540,000 - 545,000 545,000 - 550,000 550,000 - 555,000 555,000 - 560,000 560,000 - 565,000 565,000 - 570,000 570,000 - 575,000 575,000 - 580,000 580,000 - 585,000 585,000 - 590,000 590,000 - 595,000 595,000 - 600,000 600,000 - 605,000 605,000 - 610,000 610,000 - 615,000 615,000 - 620,000 620,000 - 625,000 625,000 - 630,000 630,000 - 635,000 635,000 - 640,000 640,000 - 645,000 645,000 - 650,000 650,000 - 655,000 655,000 - 660,000 660,000 - 665,000 665,000 - 670,000 670,000 - 675,000 675,000 - 680,000 680,000 - 685,000 685,000 - 690,000 690,000 - 695,000 695,000 - 700,000 700,000 - 705,000 705,000 - 710,000 710,000 - 715,000 715,000 - 720,000 720,000 - 725,000 725,000 - 730,000 730,000 - 735,000 735,000 - 740,000 740,000 - 745,000 745,000 - 750,000 750,000 - 755,000 755,000 - 760,000 760,000 - 765,000 765,000 - 770,000 770,000 - 775,000 775,000 - 780,000 780,000 - 785,000 785,000 - 790,000 790,000 - 795,000 795,000 - 800,000 Over 800,000 Credit Rating Select ---------------> Excellent Good Fair Poor

How to Select the right Mortgage After a Bankruptcy:

Conventional, jumbo, FHA & VA, interest only, hybrid ARM's and non-conforming subprime mortgages for refinancing regardless of your fico score or poor credit history. We will help you find companies that specialize in programs for home refinancing after a bankruptcy, short-sale or even foreclosure. Hard-money and sub-prime mortgage loans are not for everyone. Ask your lending expert if there are other potential government programs designed to help people secure home loans with bad credit without being required to pay excessive closing costs and pre-payment penalties.

Re-Establish Credit Quickly:

It is very important to re-establish credit after your bankruptcy has been discharged. Getting approved for a house loan with no credit after a bankruptcy is very difficult.

• Learn More About 2018 Guidelines to Refinance a Mortgage After a Bankruptcy
• Refinance Mortgages for Consolidation of Debt and Bad Loans
• Get Help Understanding the Requirements for a Mortgage After a Bankruptcy
• Is 2nd Mortgage Lien Stripping an Option for You?
• Learn How to Eliminate 2nd Loans in Bankruptcies
• See the Rules for Home Refinancing with a Chapter 7, 11 and 13.
• Refinance Adjustable Rate Debt into a Home Refinance After Bankruptcy
• Multiple FHA Refinance Programs Post Bankruptcy
• Discover Reduced Monthly Payment Options with Fixed Rate Refinancing

Home Refinance with a Bankruptcy in 2020 • Stated Income Refinancing? • Low Fico Scores OK • Fixed Rate Mortgage Liens • Cash for Credit Consolidation • How Much Will Refinancing Debt Save? • Pros and Cons of Low Interest Only Payments • 10, 15, 30 or 40 Year Fixed Rate Terms • Past Bankruptcy OK with Chapter 7 & 13

Are you looking to refinance your bankruptcy into a new mortgage?
Nationwide announced several new bad-credit refinance loans for homeowners that had a chapter 7 or 13 bankruptcy discharged recently.

Refinancing after a Bankruptcy

Question: From Homeowner residing Ventura, California- "What are my Refinancing Options After a Bankruptcy in 2020?"

Answer: Bankruptcies have become increasingly common across the country. Homeowners often take on debt without anticipating any setbacks in their finances. In 2018, Fannie Mae, Freddie Mac and FHA have issued new mortgage rules for refinancing after a bankruptcy, so you need to discuss your situation and goals with an experienced loan officer?

As you know, we don't live in a perfect world, and people lose jobs, people get unfortunate hospital bills, and people get overwhelmed with debt. Sometimes Bankruptcy is the best option for families financially. Taking out a second mortgage or refinancing your existing mortgage is a big responsibility and like your teacher told you a long time ago, there are "No bad questions." Understanding your refinance options is a great idea. Of course, your question, leads me to asking you a few questions, so that I can properly advise you with your financial endeavors. What is your 1st mortgage balance? Do you have a second mortgage? What do you estimate your house is worth? How much cash do you need? What are you doing with the cash? (ie. bill consolidation, investments, home improvements, etc.) What is your credit score? What is the current rate on your mortgage.

So, if I have the facts straight: You owe $227,000 on your first mortgage with a current rate of 7.25% fixed for 30 years. Presently, you don't have a second mortgage. You estimate your home's value at $295,000 based on home's selling in your neighborhood recently. You believe your fico score is 665, and you've never been late on any bills since your BK, four and a half years ago.

Finding a mortgage refinance after a bankruptcy can offer many benefits if you need to payoff interest rates on credit cards or other types of secured loans, since the loan provides large sums of money to pay off the interest.

Linda Nelms is a Financial Advisor, Loan Officer and Free-Lance Writer.