Bankrupt, Underwater and Want to Refinance Fox Business
You do not clearly understand the options available to you. Or perhaps I should say the options not available to you. You ask whether it would be preferable to stay in the bankruptcy or try to refinance the mortgage. However, refinancing the mortgage is not an option. If any reader has ever been able to refinance his or her mortgage when the mortgage is upside down, please email me. I would be very interested to know which banks are being so generous. The lender has no incentive -- and all the risk -- when refinancing a loan where no equity exists.Besides equity in your home, lenders like to see that you are a stable and viable borrower before refinancing. However, you filed a bankruptcy right before the trustee sale of your home. A trustee sale is the result of foreclosure, which means you were not making your mortgage payments. Regardless of the reason you weren't paying, it would be a stretch to prove you're a stable loan candidate since you filed bankruptcy after not paying the mortgage for quite some time.
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Refinancing or getting a 2nd mortgage during bankruptcy?
My friend currently has an ARM mortgage and is in bankruptcy. She needs to know if there is anyway for her to get a second mortgage or to refinance the mortgage she has right now while going through bankruptcy. I told her I didn't believe she would be able until after the bankruptcy but I would check around anyway. Thanks in advance all.
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bankruptcy during mortgage refinance - News
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East Hartford Woman, Facing Foreclosure, Battles To Keep Her House - Hartford Courant East Hartford Woman, Facing Foreclosure, Battles To Keep Her House And it's been even longer since she's made a mortgage payment. She's been rejected for state and federal mortgage aid. She's been in bankruptcy court. |
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Mortgage Fraud: A Scourge of the 21st Century? - Insurance News Net (press release) Mortgage Fraud: A Scourge of the 21st Century? The Mortgage Bankers Association estimates that mortgage loan originations reached $2.28 trillion during 2007. The following are some of the more common and |
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Chapter 7 Filings Up Sharply In The State - TheDay Chapter 7 Filings Up Sharply In The State ”They've been able to keep up by refinancing into new debt for the value of their homes, but that option isn't available to them anymore. |
How Banks Are Worsening the Foreclosure Crisis - Midas Letter
Boston GlobeHow Banks Are Worsening the Foreclosure Crisis Home prices will go up, and you can refinance at a lower rate,' " Kelete recalls. He regrets signing a mortgage he couldn't afford—a mistake many people US Housing Plan to Fund Interest-Rate Reductions How Banks Are Worsening the Foreclosure Crisis
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Bankruptcy might help save your house - The Patriot-News - PennLive.com Bankruptcy might help save your house Some creditors are actually looking for people who filed for bankruptcy so they can solicit them for credit cards, refinancing their mortgages and even |