What does a prior bankruptcy do to my chances to refinance?
I filed for bankruptcy in early 2010 and I think I might be missing out on some great rate opportunities. The home in question is worth 310k, but my credit is shot and I really don't know where to begin, whether I should talk to a mortgage guy or my bankruptcy lawyer. Is there anyone in the Richmond, VA area that can take a minute to talk to me about refinancing a home? by patrio_188_545 from Richmond, Virginia. Dec 8th 2011
Scott Kinne (Skinne)
#27 ranked lender in Virginia - 74 contributions
Typically, assuming you filed a Chapter 7 Bankruptcy, you will need to wait at least 2 years from the date of the Discharge before you can obtain obtain financing. Then the second issue you need to overcome is to re-establish your credit and make sure the score rises above 620. Best to consult with a professional on your specific situation so they can also review your credit report and make sure you are doing the right things to get your credit score as high as possible. Good luck!
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
A lot depends on type of BK you filed, and where your credit score is now.. Contact a local mortgage broker, not a bank.. he can help you find the right loan product for your particular scenario. WilliamAcres.com
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