Posted on: 12th Aug, 2009 09:29 pm
my wife and i file for bk chapter 7 on dec, 2006 and was discharge on march 2007. we kept the house, and after the discharge my mortgage company stop reporting to the credit, we tried to refinance our house to lower the payment since we have an adjustable rate , but nobody help us refinance since the the mortgage is not on our credit report anymore. what can we do to refinance? or how long after the discharge we can refinance?, is there any help for people with chapter 7 to refinance their mortgage and the new bank to report the payments to the credit bureau?. can we apply for a goverment loan like hud or fha to refinance an lower the payment?, what to do?
Hi Participate,
Did you reaffirm your mortgage when you filed for Chapter 7 bankruptcy? I think you did not reaffirm your mortgage. As a result of this, the lender is not interested to report your payments to credit bureau though you are paying for it. Thus, the mortgage is not mentioned in your credit report and so the lenders would never refinance it. If you would have reaffirmed the loan, you would have been personally liable for it and the lender would have reported the payments to the credit bureau.
You would have to contact your lender and check out if you can sign a reaffirmation agreement with him now. If he reaffirms the mortgage now, then you would be able to refinance the loan after a few months.
Take care.
Did you reaffirm your mortgage when you filed for Chapter 7 bankruptcy? I think you did not reaffirm your mortgage. As a result of this, the lender is not interested to report your payments to credit bureau though you are paying for it. Thus, the mortgage is not mentioned in your credit report and so the lenders would never refinance it. If you would have reaffirmed the loan, you would have been personally liable for it and the lender would have reported the payments to the credit bureau.
You would have to contact your lender and check out if you can sign a reaffirmation agreement with him now. If he reaffirms the mortgage now, then you would be able to refinance the loan after a few months.
Take care.