Once you've had to declare bankruptcy, you may feel that your financial future has been shot. In one sense, you're given a clean slate on your debt, but on the other hand, your credit is essentially ruined. It may take time, but you can build your mortgage credit score back up again, and it is possible to get it to the point where you are eligible to do things like refinance your mortgage loan.
Contrary to what you may believe, you are not out of luck after bankruptcy. It's true that this will be listed on your credit report for up to 10 years and can be a heavy weight on your score, but the further away you get from the day you declared it, the better your chances become of raising your mortgage credit score as much as possible.
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The waiting period before you can refinance is not very long, either. If you filed Chapter 7, you can apply as soon as one day after discharge. If you filed Chapter 13, you can apply 12 months after filing. You should be prepared ahead of time and understand that you will be viewed as a subprime borrower, though. Your interest rate could still be fairly high.
It may also take you a little time to find a lender who is willing to work with you, but it is possible. And you are cautioned not to rely too heavily on your bankruptcy attorney. If it appears that he or she does not know specific details on refinancing after a bankruptcy, don't be afraid to find someone that does and that can help you.
As with every case, it is in your best interest to wait until your mortgage credit score is in a respectable state before applying for a refinance. You want to make the process worth your time and money. Start turning your credit habits around: pay your bills on time and keep your balances low. Try working with a budget plan to learn the most efficient way to manage your money and your credit, and soon that bankruptcy won't hurt you nearly as much.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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