Posted on: 16th Oct, 2012 02:43 am
I am 14 months out of Chapter7. The mortgage which I was current on and was paying for the past 4 years has high rates. I did not reaffirm the mortgage as it was underwater. I really love the house and want to stay in a it with my family for a long time. Quicken is giving me a chance to FHA streamline at 4% with no money out of pocket and I would save a nice amount of money monthly. The only thing that is really holding me back is the protection I lose from the Ch7 and the mortgage being discharged. Can anyone give me some insight on this? Thanks in advance.
you're just 14 months out of chapter 7. in such a situation, it is quite strange that quicken is offering you a refinance loan. before taking any decision, you should check out the deal carefully and read through the documents to find out if there are any loopholes.
hi leone,
normally after a chapter 7 bankruptcy discharge, you need to wait for 2 years to get qualified for a fha mortgage. so, it is really surprising that you're getting a loan so soon after your bankruptcy discharge.
thanks
normally after a chapter 7 bankruptcy discharge, you need to wait for 2 years to get qualified for a fha mortgage. so, it is really surprising that you're getting a loan so soon after your bankruptcy discharge.
thanks