Posted on: 25th Apr, 2010 06:18 pm
wHERE DO WE LOOK AFTER A CHAPTER 13 TO REFINANACE A HOME. wE HAVE BEEN MAKING THE PAYMENTS TO OUR PARENTS, WHO HAVE ACTED LIKE THE BANK AND HAVE THE MORTGAGE IN THEIR NAME. tHEY ARE ELDERLYU AND WE NEED TO GET IT IN OUR NAME ASAP. dO YOU HAVE A DIRECTION TO POINT US.
welcome marilyn,
you won't be able to qualify for a refinance immediately after chapter 13. you will have to wait for 1 year after the bankruptcy discharge to get a fha loan and 2 years after the discharge to get a conventional mortgage. moreover, a bankruptcy will affect your credit score in a negative way. you will have to improve your score first and then look out for a mortgage.
you won't be able to qualify for a refinance immediately after chapter 13. you will have to wait for 1 year after the bankruptcy discharge to get a fha loan and 2 years after the discharge to get a conventional mortgage. moreover, a bankruptcy will affect your credit score in a negative way. you will have to improve your score first and then look out for a mortgage.
Hi Marilyn,
What is the status of your chapter 13 bk? Is it still open or has it been discharged?
FHA requires the following when a chapter 13 bk is involved.
1) 12 months seasoning from the FILE date.
2) A clean payment history with the bankruptcy trustee
3) The trustee's approval
4) A 620+ middle score
5) A "clean" credit history since the bk.
What is the status of your chapter 13 bk? Is it still open or has it been discharged?
FHA requires the following when a chapter 13 bk is involved.
1) 12 months seasoning from the FILE date.
2) A clean payment history with the bankruptcy trustee
3) The trustee's approval
4) A 620+ middle score
5) A "clean" credit history since the bk.