• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Law RE:Refinance waiting period after chapter 7

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

M

MikeRefinance

Guest
What is the name of your state?
Michigan

Is there a law that states that you have to wait 24 months to Refinance a mortgage after chapter 7 or is this just the Mortgage companies policy?

Law or Policy?

Thank you in advance for your help!
 


bigun

Senior Member
There is no law. You can re-fi 1 day after discharge. The problem is, the interest rate and fees would be prohibitive. The 24 months more main stream lenders require is to give the debtor a chance to put some money in the bank and stabilze there finances and, let them prove to lenders they are acting more responsibly in paying bills.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top