Is it too early to refinance or do we have to wait for the 10 year period? 25 Answers as of July 18, 2014

We filed bankruptcy and it was discharged four years ago. Now with the low interest rates, we would like to refinance our home loan. Is it too early to refinance or do we have to wait for the 10 year period? If we can refinance now, will I have problems applying?

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Law Office of Marlin Branstetter
Law Office of Marlin Branstetter | Marlin Branstetter
The bankruptcy will not prevent you from refinancing.
Answer Applies to: California
Replied: 7/18/2014
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Refinance as soon as possible. Assuming you qualify, there are no issues to be concerned about.
Answer Applies to: Colorado
Replied: 7/16/2014
Stephens Gourley & Bywater | David A. Stephens
Go ahead and apply. The worst that can happen is they say no.
Answer Applies to: Nevada
Replied: 7/15/2014
Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
There is no reason that you are required to wait 10 years. Other requirements may vary depending on the lender.
Answer Applies to: Florida
Replied: 7/15/2014
Law Offices of Linda Rose Fessler | Linda Fessler
You can try right now.
Answer Applies to: California
Replied: 7/15/2014
    EDWARD P RUSSELL | EDWARD P RUSSELL
    Some of the big mortgage companies require that 2-3 years go by after the bankruptcy before they will give you a new mortgage but 4 years should be enough to go ahead and re-finance.
    Answer Applies to: Minnesota
    Replied: 7/11/2014
    Law Office of Peter M. Lively
    Law Office of Peter M. Lively | Peter M. Lively
    The only ten year period associated with a bankruptcy filing is the amount of time that a bankruptcy reference remains on your credit report. While that derogatory reference on your credit may affect your refinance interest rate, it will not prevent you from being able to refinance if you are otherwise qualified. NOTE: Some lenders are now refusing to refinance where Chapter 7 debtors have not reaffirmed the home loan before the bankruptcy discharge. If this happens, find a different lender to provide the refinance loan.
    Answer Applies to: California
    Replied: 7/11/2014
    MCBRIDE LAW OFFICE | Robert E. McBride
    It's not too early to refinance from the perspective of bankruptcy law. However, your answers to the following questions will be important to mortgage lenders. 1. Have your financial circumstances changed for the better since you filed bankruptcy? 2. Does your credit report reflect that you have been paying your creditors on time since you filed bankruptcy? 3. Has your current mortgage holder been reporting your mortgage payments to the credit bureaus? Your mortgage loan application may be accepted or rejected. Best of Luck!
    Answer Applies to: Pennsylvania
    Replied: 7/11/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    There is no "ten year period" except perhaps as to credit reporting. Banks have their own standards and generally two years later after a BK is OK if you qualify otherwise.
    Answer Applies to: California
    Replied: 7/11/2014
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    There is nothing to prevent you from applying to refinance. You should try to refinance with all lenders, not only the same one already holding the first loan. Whether you get the refinancing will depend on how well you have re-built your credit in the four years after your bankruptcy discharge.
    Answer Applies to: California
    Replied: 7/11/2014
    Thomas Vogele & Associates, APC | Thomas A. Vogele
    There is so much misinformation, most of it urban legend, about what a discharged debtor can and cannot do. There is nothing preventing you from borrowing, refinancing or doing anything else post-discharge. The impediment is the other side of the transaction. Banks often will not lend to those who have filed a Chapter 7 case, at least on terms that don't punish the former debtor for their "transgressions." Bankruptcy itself does not prevent you from refinancing for ten years. A bankruptcy stays on your credit for ten years and thus makes it harder to get a loan, refinance a loan or do anything else that involves checking your credit report. By the way, anyone who promises you to get your bankruptcy removed from your credit report in exchange for a fee is both a liar and a crook that should be avoided and reported to the authorities. Good luck and expect to pay a higher rate than what borrowers with good credit pay.
    Answer Applies to: California
    Replied: 7/11/2014
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    This s not a legal question. It is a real estate finance question, which is best answered by a mortgage lender. Call one and find out what is possible.
    Answer Applies to: California
    Replied: 7/11/2014
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    This is a decision that individual lenders make & isn't regulated by law, other than through government housing programs. I would urge you to discuss refinancing with a local community nonprofit credit union, as they have several programs available once you are 12 months out of bankruptcy.
    Answer Applies to: Nevada
    Replied: 7/11/2014
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can refinance now, bit you will probably have to get another lender and provide proof you made the mortgage payments.
    Answer Applies to: California
    Replied: 7/11/2014
    Law Offices of Eric W. I. Anglin
    Law Offices of Eric W. I. Anglin | Eric W. I. Anglin
    There is no 10 year waiting period to refinance after discharge of your bankruptcy. I would contact lenders and make sure that you have copies of your discharge and schedules.
    Answer Applies to: Indiana
    Replied: 7/11/2014
    Law Office of Melissa Botting | Melissa Botting
    You do not have to wait to refinance. I had a client refinance one year after discharge. You may need to refinance with another institution if reaffirmations are an issue for your mortgage holder.
    Answer Applies to: Texas
    Replied: 7/11/2014
    The Troglin Firm | William M. Troglin
    The 10 year period is how long the credit bureau keeps the bankruptcy on your credit report and has nothing to do with post discharge credit applications. You can apply for the refinance anytime but you must have reaffirmed the mortgage debt in the bankruptcy. The reaffirmation agreement puts your personal liability back on the loan and if you did not reaffirm, you still own the home subject to the mortgage holders lien but you have no personal liability or legal interest in the loan.
    Answer Applies to: Georgia
    Replied: 7/11/2014
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    There is no 10 year waiting period. Mortgage guide lines allow you to get a mortgage about 2 to 2.5 years after bankruptcy discharge. If you qualify, is a different story but you are mortgage worthy at this time.
    Answer Applies to: New York
    Replied: 7/11/2014
    214bankruptcy.com
    214bankruptcy.com | Rustin Polk
    There is no 10-year period prohibiting you from doing whatever you want to do. Once your bankruptcy case is over, it's over. You are not required to wait 10 years before doing anything and I'm sorry to hear that someone gave you that mistaken impression.
    Answer Applies to: Texas
    Replied: 7/11/2014
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    No, it is not too early to refinance, assuming you have re-established credit. You need to be aware that if you did not reaffirm your mortgage, many mortgage won't refinance you , so you may have to go to a different mortgage company. Good luck!
    Answer Applies to: Michigan
    Replied: 7/11/2014
    Timothy Casey Theisen, P.A. | Tim Theisen
    After three years a bankruptcy should be a virtual non-issue on your credit insofar as refinancing.
    Answer Applies to: Minnesota
    Replied: 7/11/2014
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    Why wait? Start shopping banks. It will not be easy so soon after your bankruptcy filing, but you should eventually find a lender. Why not start with your current bank?
    Answer Applies to: Massachusetts
    Replied: 7/11/2014
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You may if you did not reaffirm the mortgage.
    Answer Applies to: Florida
    Replied: 7/11/2014
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    You should be able to try now.
    Answer Applies to: South Carolina
    Replied: 7/11/2014
    Law Office of Shawn N. Wright | Shawn N. Wright
    Many people are able to successfully refinance (and at good mortgage rates) two years after their discharge orders have been granted. Speak with a reputable mortgage broker and see if you can refinance. They will see what your credit rating is and see if you qualify based upon your income, home equity, etc. Good luck.
    Answer Applies to: Pennsylvania
    Replied: 7/11/2014
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