HARP Refinance After Bankruptcy

If your loan is Fannie guaranteed, then you need to go back to your existing servicer and do their version of HARP, which is considered Refi Plus. The limitations have been lifted for BK's, but only if you go back to your servicer. If your loan is guaranteed by Freddie, then you can go to any lender that participates in the HARP program and follows their guidelines to the letter. The PMI insurance could be an issue because not all lenders will handle the transfer of the PMI certificate. So, first determine which of the agencies guaranteed your loan. If Fannie, contact your servicer. If Freddie, contact local lenders and make certain that you tell them about the BK and the PMI. You have a bit of a double problem going on, but if Freddie you have a better chance. I am closing one today with similar situation. BK under 2 years, with PMI.

HARP guidelines allow for refi's with a BK or Foreclosure.. however each lender has their own set of guidelines called overlays... it's the overlays that say 4 years. If someone were to run your scenario through the automated underwriting system, it's very possible it would come back as "Approved".. but there's only one way to know for sure.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Barbara's answer is accurate.

It is 4 years

Good Afternoon BConne,Depends on the Chapter filed. Give me a call at 757-390-7303 or www.vabeachmtg.comMike Zimmerman with Southern Trust Mortgage Nmls #924701

It is still 4 years for a HARP loan. It is only 2 years if it's an FHA Streamline refinance.

Check out my Lender 411 blog on Mortgage Financing After Adverse Credit Event.

Too many variables here for a quick answer. Is your loan Fannie/Freddie? Was your bankruptcy a chapter 7 or 13? Were there extenuating circumstances that caused it? What company is your PMI through? Contact a LOCAL lender on this forum who can provide a detailed analysis of and then you can get some solid answers.

we can do 4 years chapter 7 or 2 years from discharge if Chapter 13 (4 years if it was a CH 13 dismissal)

Barbara's answer is correct!

The Bankruptcy and Foreclosure seasoning period have just been lifted. I am not licensed in NC or I'd offer to help more. These rules change this weekend, apply somewhere or with someone next week! Good luck! Kimberly Lawson. Mortgage Loan Originator (Ohio only). Contact and licensing information can be found on my profile.