How to Refinance Your Mortgage Loan After episode 7 or episode 13 Bankruptcy

Did you recently file for episode 7 or episode 13 bankruptcy and need a mortgage refinance loan?

There is no query that filing for bankrupcty negatively impacts your credit file. Whenever you apply for a mortgage loan, credit card or even a small unsecured personal loan, your inherent lender pulls your credit report. Having a bankrupcty or chargeoff on your credit description is a red flag that tells the lender that you are likely not to pay back your loan.

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Can you refinance your mortgage loan after bankruptcy? The quick sass is "yes". You can get a home equity loan, Heloc or a cash out refinance loan, even after bankruptcy.

Getting A Mortgage Refinance Loan After episode 7 Bankruptcy

When you filed for episode 7 bankruptcy, chances are, you were able to keep your home. If you are one of the lucky ones, who lives in a state like Florida, California, Nevada or a whole of other states that have seen valuable appreciations in home property values - you may have anywhere from 5% to 50% equity in your home. You can take benefit of this equity to wipe out any superior debts that are left over after the bankruptcy or to take care of other financial needs.

The great news about episode 7 bankruptcy is that it offers a new starting and erases most of your debts with the exeption of 19 cases, where debts are not discharged. These cases include, child support, taxes, learner loans, fines and restitutions imposed by courts.

If you still have learner loans or taxes to pay - there is no good time to tackle them, than now. Give yourself the gift of starting fresh.

You can get a mortgage refinance loan, well the day after your episode 7 bankrupcty is discharged. You don't have to wait for any specified time period. You will need to find subprime mortgage refinance loan lenders, who specialize in cash out refinances, home equity loans and Helocs for a mortgage program that is convenient for your credit score - be it 450, 480, 500, 550 or 600.

Getting A Mortgage Refinance Loan After episode 13 Bankruptcy

Chapter 13 bankruptcy allows individuals to reorganize their finances. When a consumer files for episode 13, the consumer proposes a plan to pay back his or her creditors over a 3 to 5 year period. while this period, the creditors cannot harrass or effort to collect on any of the previously incurred debts.

For this reason, a person, who files a episode 13 bankruptcy can refinance their mortgage loan, 6 months after they file for bankruptcy.

How to Refinance Your Mortgage Loan After episode 7 or episode 13 Bankruptcy