Posted on: 11th Jan, 2012 08:57 am
i filed bk just over a year ago and i am thinking about buying a new home 2 years after bk.
i reaffirmed my mortgage and have never missed a payment. i do currently have about 50k in equity in the house which is financed at 6%. i am curious if i am able to refinance my current va loan and turn it into a fha loan at a lower interest rate. this would allow me to use my va loan next year when i purchase the new home. am i required to wait 2 years post bk to refinance an existing home? i plan to rent out my existing home after we purchase the new house.
thanks!
i reaffirmed my mortgage and have never missed a payment. i do currently have about 50k in equity in the house which is financed at 6%. i am curious if i am able to refinance my current va loan and turn it into a fha loan at a lower interest rate. this would allow me to use my va loan next year when i purchase the new home. am i required to wait 2 years post bk to refinance an existing home? i plan to rent out my existing home after we purchase the new house.
thanks!
Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines.
:idea:
:idea:
Thanks for the replies!
For you guys/gals that have been watching the market, do you see any kind of recovery any time soon?
For you guys/gals that have been watching the market, do you see any kind of recovery any time soon?
Hi Guest!
Welcome to forums!
As far as my opinion is concerned, it will take some time for the market to become stable and show a recovery. Officially, the financial crisis is over. But it might take some time for the market to show a steep growth.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as my opinion is concerned, it will take some time for the market to become stable and show a recovery. Officially, the financial crisis is over. But it might take some time for the market to show a steep growth.
Feel free to ask if you've further queries.
Sussane