Conventional to FHA Refinance after Ch7, How long to wait?

[JasonK94Z]

We have filed Ch7 and are going through the preocess right now. We have a 1st (good rate 6.25) and 2nd mortgage (subprime cut-throat rate) both with Countrywide. I would like to combine both of those one day with a FHA refinance (I take it FHA will be my best bet for acceptance?)

How long must I wait? The full 2 yrs for a refinance?

[emoney]

Another way to proceed would be to go on a Dave Ramsey diet and pay off the second mortage in short order. With a written budget and a rice and beans diet and no vaciations for a year or two the second mortgage could be gone.
regards,
emoney

[MTG_BANKER_OH]

We have filed Ch7 and are going through the preocess right now. We have a 1st (good rate 6.25) and 2nd mortgage (subprime cut-throat rate) both with Countrywide. I would like to combine both of those one day with a FHA refinance (I take it FHA will be my best bet for acceptance?)

How long must I wait? The full 2 yrs for a refinance?

If your first mortgage is a fixed rate I can not say I would recomend doing anything. You are not going to save any money on a refinance and if you did the cost would outweigh the beneft more then likely. The only way it could make sense is if you have 80% equity and you are combiing both loans into one under 80%.

Your best bet is what someone else said is to pay off the second as soon as possible then you only have one loan.