Hi my name is Jim Woodworth, I am a Quicken Loans mortgage banker and I’ll talk a little bit on the application for a mortgage after bankruptcy. I get this question a lot and, for most, after your bankruptcy is discharged you have to prove to you again. It is imperative that you get some type of new loan set up after the fact. Whether it’s a car loan, bank loans, credit cards, student loans – whatever it is, it is imperative that you show lenders in the future you’ve done a good job of managing your credit. After the bankruptcy is discharged, in most cases, you must wait at least two years before you would be able to obtain new financing for a mortgage – whether to buy or refinance. In limited circumstances, we can help you approved after one year. It depends on what type of credit you have, what kind of payment history you have and how many pieces of credit you have – but in general you should wait at least 2 years. It is imperative that you get a new kind of credit established after the bankruptcy and the most important thing is that you get your payments on time after bankruptcy. We’d love to tell you about the specific situation that & everyone is a little different so that we may be able to get one person not approved and the other to give us a call or find us Online. You can find us online at www.quickenloans.com – we would love to help. www.quickenloans.com
refinancing after bankruptcy Article by Carrie Reeder
refinance after bankruptcy can seem like a particularly difficult challenge, but n? t to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help you rebuild your credit to the two-year rule? S time. The following steps will help you find the best refinance lender while helping your rebuild your credit record.Preparing For RefinancingRight after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and existing mortgage. It is also a good time to open an account credit card to start establishing good credit history.If possible, also start building a savings account. Assets more cash you have, the better your application will look. Consider having a garage sale or taking a second job to raise LendersOnce funds.Researching you’re ready to refinance, research mortgage lenders and their rates. Online mortgage sites allow easy comparison shopping. Watch interest rates and the cost of refinancing quotes. Generally, a slightly higher rate with low fees is the best bankruptcy deal.With on your credit report, you will usually need to work with a subprime lender. You can expect to pay a few percentage points above a traditional mortgage, you can find through online mortgage refinancing companies.Choosing Your PackageYou could be offered a chance to collect a portion of your home ? S actions when refinancing your mortgage. If you need to make home improvements or buy a car, this can be a good option. However, if you keep your home? S actions in place, you improve your credit.Once you have decided on your plan, you can complete your loan application online or by mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan to refinance your again.After RefinancingWith complete, you may want to lower your interest rates through refinancing in two years by setting up your score credit. Continue to make regular payments and add to your cash reserve. Before you register to refinance again, review your credit report to make sure that your bankruptcy closed all past accounts on your file. With a solid credit history behind you, you can apply to traditional mortgage lenders.
Carrie Reeder is the owner http://www.abcloanguide.com , an information site on the various types of loans. To view our recommended sources for refinancing after bankruptcy online, visit this page:
Mortgage Lenders For Bankruptcy
The foreclosure crisis
had a huge impact on individual home buyers, financial institutions, the economy – and the bankruptcy courts. In response, some courts have started programs to give debtors and lenders the opportunity to work through their differences – these programs meet the needs of both groups, but do not necessarily lead to foreclosure on the house of the debtor. This issue focuses on these programs, how they work, and the effect they had on debtors, creditors and bankruptcy courts that use them. Judges Arthur Votolato (Bankr. DRI) and Robert Drain (Bankr. SDNY) about programs in their courts with Judge Elizabeth Stong (Bankr. EDNY), who will moderate the discussion. Bankruptcy practitioner Patricia Antonelli (Partridge Snow & Hahn, LLP) talks about his collaboration among programs in terms of the lawyer. John Rao (National Consumer Law Center) and Victor Milione (Nixon Peabody LLP) discuss programs from the debtor and creditor perspectives. Debra Miller, Chapter 13 of the United States Trustee (ND Ind.), talks about the role and vision of the office of trustee. (April 2011) Video Note: 5 / 5