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Old 01-06-2006, 11:58 PM
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Join Date: Jan 2006
Posts: 1

Refinancing after bankruptcy

What is the name of your state? Pennsylvania

How difficult will it be to secure refinancing and what intrest rate should I expect to pay after our home was foreclosed upon. Next, we filed for Chapter 13 to gain more time to payoff the 1st mortgage. We secured a 12 month intrest only balloon note and paid off the 1st mortgage. We have now voluntarily withdrew from bankruptcy. Our next step is to secure refinancing.

Any advice would be greatly appreciated.
Last edited by jglcon; 01-07-2006 at 12:14 AM. Reason: grammar mistakes
  #2  
Old 01-07-2006, 12:40 AM
taxpayer
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Big Mistake

You should never have agreed to an ARM after BK. Your at their mercy NOW and your choices will be limited to none unless you can sell quickly because the plateau of the housing market is at an end unless your 1 of the chosen few who live in places that never seem to decline ie. manhattan.
  #3  
Old 01-07-2006, 09:17 AM
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Join Date: Oct 2005
Location: Lancaster, PA
Posts: 107
What month/year did you file your Chp 13? You said your 1st mortgage is paid off but you currently have a 12 mo Balloon. What is the balance on that mortgage? Did the Lender FCL on this property or not?? Are you currently IN FCL? I'm confused by your post. What is the value of your property and do you have any idea what your middle credit score is (pri**** wage-earner's score)? I'll be able to give you a rate with these answers.
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