Posted on: 18th Nov, 2009 10:39 am
four years ago i declared bankruptcy. it was discharged and i have made on time payments to my mortgage company. because i did not reaffirm the debt, the mortgage company will not report my on time payments and my credit score is suffering. as such, no one will refinance me. i stood before a judge this morning and asked that the case be reopened and he denied the request saying it was in my best interest and an option no longer available to me as congress had passed a law forbidding reaffirmation after discharge. i have requested a payment history and statement from citimortgage. can this be used in lieu of a credit score to obtain refinancing?
No it cannot. Your score is what it is. Interest rates are based on a number of factors and credit score is one of the major ones.Your payment history may be used to show that you have made your payments but I have not had success in it improving scores(in bankruptcy cases) All you need is scores over 600 in most cases to refinance. Try getting other negative items removed from your credit report because it's not just your mortgage affecting it and then doing a rapid rescore.
refinance is basically like applying for any other loan - the lender has to be convinced that you represent an acceptable risk. Income, credit cscore, equity - all of these things get reassessed when you go for a refinance.
Best to think of it in the same was as going for a new loan as this is how the lender will treat it.
Best to think of it in the same was as going for a new loan as this is how the lender will treat it.