Do I need to sit for 2 yrs to refi

[gophermn]

[StartingOver08]

Keep a record of all of your payments - maybe you can find a lender that will do manual underwriting.

Although I need to ask - why are you looking for a refi? Right now you have the best of both worlds - you are making the payments but if it gets too tough you can walk away without recourse because the debt is discharged. Once you refinance, then you are obligated to pay the new debt as if you had never filed BK.

[gophermn]

I would like to refi because I think I am the only one in the world with a 9.25% interest rate.

[Tbornetun]

The best advice is to talk to a local mortgage company. Tell them the situation and get their opinion. Whether the home is IIB or not, you will still need to wait the same amount of time after a BK before getting a loan. Lenders are VERY strict on mortgages right now. 3-4 years from discharge is the usual timeline, even if you are still making the mortgage payments.

[relief13035]

I would like to refi because I think I am the only one in the world with a 9.25% interest rate.

Have you called your mortgage company and requested a loan modification?

[Over our heads]

9.25 is nothing. Our second is 14.5%

[gophermn]

I did call and request a loan mod (i.e. Obabma plan). Talk about being SLOW! I sent in the paperwork early April and yet have heard anything. Supposedly it takes 60 - 90 days once they have everything in order.
I am sure if I miss a few payments they would bounce my paperwork up a bit faster.

This whole process is an art, no science in it.

[gophermn]

9.25 is nothing. Our second is 14.5%

I think that is why my 9.25 is kinda high. If I remember they said I would have a 1st at something like 8% and the 2nd at 14%. So rolling them together hovers me around 9.25%.

Just KILLS me when I see friends getting rates in the 5%. Hell, my brother filed CH7 2.5yrs ago and they just got a nice 6 1/4% rate from their bank.