Posted on: 19th Oct, 2012 12:21 am
hi there… my chapter 7 bankruptcy filing was discharged in 2009. i didn't know i had to reaffirm my house debt so i didn't. but the property was never foreclosed, etc. i've paid on time monthly. credit score around 659. had two late payments in 2010 after bankruptcy. everything else has been paid on time monthly. got a pre-qual, but wasn't sure if i would get final approval....what are my chances? any ideas? i've been turned down from so many places because of my late payment.
hi fiona,
as your did not reaffirm the loan, you're not liable for paying off the mortgage any further. the mortgage stands discharged. however, it is true that you won't be able to refinance the same loan again. as 3 years has passed since your foreclosure, you can apply for a new mortgage. there are chances that you may qualify for the loan provided you meet the required criteria of the lender.
take care
as your did not reaffirm the loan, you're not liable for paying off the mortgage any further. the mortgage stands discharged. however, it is true that you won't be able to refinance the same loan again. as 3 years has passed since your foreclosure, you can apply for a new mortgage. there are chances that you may qualify for the loan provided you meet the required criteria of the lender.
take care
If your credit score is healthy, you will be approved of a loan. However, if you missed a payment, your chances of being approved would still be good but their loans will be offered to you at high interest rates. Check out to know how you can maintain your credit score: http://www.articlesbase.com/credit-articles/6-most-effective-ways-to-maintain-credit-score-6254220.html
You need to have a good credit score if you want your lender to approve the new loan request. Also, the lender will offer you the loan at an affordable interest rate. In case you have missed out a payment, the lender will still approve your loan request but at a high rate of interest.