We are coming out of a bankruptucy and want to refinance to get on course what is our best options

Asked by Carol, Taylor, MI Tue Oct 28, 2008

what type of financing should we go after fha government etc...

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4
Lew Corcoran, Agent, Easton, MA
Wed Oct 29, 2008
Without knowing the specifics of your situation (credit scores, type of bankruptcy, length of time since bankruptcy), you're probably better off refinancing into an FHA mortgage. If you had a Chapter 7 Bankruptcy, it must be discharged for a minimum of 24 months; it's 12 months for extenuating circumstances. If you had a Chapter 13 Bankruptcy, you must have made a minimum of 12 months of payments into the bankruptcy plan. All other judgments and liens (if any) must be paid off. You must also have reestablished good credit, and you cannot have any late payments on any accounts since the bankruptcy. Any late payments on any account since a bankruptcy will disqualify you for an FHA mortgage.
1 vote
James Gordon…, Agent, Hamilton, OH
Sat Jun 5, 2010
Lorna if you like Scott's answer so much please give him credit for it.
0 votes
Lorna Nohava…, Agent, Brookings, SD
Sat Jun 5, 2010
If bankruptcy is less then 24 month old probably won't get any consideration on getting this type of permanent financing. May have to wait but make sure you re-establish credit to show that you got your financial affairs back on track
0 votes
Scott Johnst…, , Aberdeen, SD
Tue Jun 1, 2010
If bankruptcy is less then 24 month old probably won't get any consideration on getting this type of permanent financing. May have to wait but make sure you re-establish credit to show that you got your financial affairs back on track.
0 votes
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