Refinancing after BK

[dover]

I am new hear but have question. I have 3 1/2 years on my adjustable rate which is a pretty good rate but what will happen after my BK as far as trying to refinance? I do not want to put my house in the BK but afraid it will go sky high and I will be in trouble.

[JRScott]

You would probably get a higher interest rate, however most bk filers can after 2 years from discharge qualify for decent interest rates again, sometimes as good or better than they would have prior to bankruptcy. So in your case if you are looking to refinance it might be better to wait those 2 years before trying.

At least I think you might get a better rate that way. Some of the lenders have noticed folks are having trouble to and are calling folks up to ask if they can afford increases in the future. It is possible they may renegotiate with you prior to that time.

[Minnymouth]

Refinancing after bankrutpcy is not difficult.

Normally after 2-3 years of good payments you are in a position to negoiate a decent interest rate..

Just keep all payments current after bankruptcy and you should have no prolems.

[dover]

Thanks for the input. That is all a relief to know I can refinance a few years down the road. As in most parts of the country, selling is impossible right now not that I want to even give up my home. Again, thanks!