Mortgage Refinance After Chapter 7 Discharge – Yes, two years after your discharge, it is possible to refinance providing there is at least 5% equity in the property, an excellent mortgage payment history (no 30 day late payments), provable income and reestablished credit with good FICO scores. This is applicable with only FHA, VA and USDA mortgages. Do not sign a reaffirmation agreement without the approval of your attorney. For the rest of the story, click here.
Purchasing a Home After Chapter 7 Bankruptcy Discharge – Yes, two years after your discharge, it is possible to purchase providing you have at least 3.5% down payment, an excellent housing rental payment history (no 30 day late payments), provable income and reestablished credit with good FICO scores. To read the rest of the story, click here.
Mortgage Refinance During Chapter 13 – Yes, after you have been in your payment plan for one year, it is possible to refinance. This is the case providing you have no 30 day late payments to either the Chapter 13 Trustees office or your bank/mortgage company, and providing there is at least 5% equity in the property. While harsh, understand there is absolutely no tolerance for either 30 day late payments or any new derogatory credit. Read the rest of the story by clicking here.
Building New Good Credit After Chapter 7 Discharge – I have written numerous blogs on what to do and not to do when rebuilding your credit following a financial catastrophe. You can subscribe to my blog for free and learn how to rebuild your credit. To help narrow your immediate search, here are a couple of good blogs on this topic: Credit Union Power and Credit Cards After Bankruptcy.
Building New Good Credit During Chapter 13 – Your Chapter 13 Plan must first be court-approved before you can begin rebuilding credit while in your Payment Plan. Be very wise and careful in so doing, as any new bad credit after filing for bankruptcy protection is very harmful to your credit and financial recovery.
Mortgage Modification After Chapter 7 Discharge or During Chapter 13 – Your best source of information and help on this is through the Making Home Affordable Website. Again, I urge that you do not sign a reaffirmation agreement. This is an area of widespread fraud. Caution: I encourage you read this for your protection: .
Renting After Bankruptcy – Click here for tips and guides and resources you may find helpful.
National Mortgage Settlement – Was your mortgage originated before January 1, 2009? Does Wells Fargo, Bank of America, Citi, Ally/GMAC or Chase service your mortgage? If so, these are settlement details regarding such. Contact the CO Attorney Generals web site for information.James Spray, MLO, CNE, FICO Pro CO LMO 100008715 | NMLS 257365 | June 1, 2012
Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct. This information is not legal advice and is for guidance only. You may use this information in whole and not in part providing you give full attribution to James Spray.