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Won't refinance since I didn't reaffirm. Insert rolleyes here.

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  • Won't refinance since I didn't reaffirm. Insert rolleyes here.

    I got approved through Cap1 for a refinance. Rate is 3.59%. I'm about 9 months post-discharge. They pulled Experian and my FICO, according to Cap1, is 646.

    Pretty decent and everything was fine, but then I got a call today. Said that my current lender told them I did not reaffirm the loan, so Capital One will not refinance it. I asked why. Guy had no clue.

    It's really not that big of a deal. Was only going to save me a little money, but still... this is nonsense. I typed a different word than nonsense first, BTW.
    Chapter 7, above median, no asset. Discharged with no UST involvement.

  • #2
    It's actually not nonsense. Most underwriting models, including FHA, treat a discharge of a debt in bankruptcy just like a foreclosure, deed-in-lieu, or short sale. Are you trying to refinance under FHA's Back to Work program?

    When you discharge a mortgage (debt) in a bankruptcy, you really need to shop any new mortgage or refinance to multiple banks. Not all banks are easy with refinancing. You may be able to refinance under HARP. You may be able to find a broker that can shop for you.

    Is there any reason why you want to basically become liable for the mortgage again? Are you trying to take advantage of better (lower) rates? What is your end goal? Are you underwater?
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Originally posted by justbroke View Post
      It's actually not nonsense. Most underwriting models, including FHA, treat a discharge of a debt in bankruptcy just like a foreclosure, deed-in-lieu, or short sale. Are you trying to refinance under FHA's Back to Work program?

      When you discharge a mortgage (debt) in a bankruptcy, you really need to shop any new mortgage or refinance to multiple banks. Not all banks are easy with refinancing. You may be able to refinance under HARP. You may be able to find a broker that can shop for you.

      Is there any reason why you want to basically become liable for the mortgage again? Are you trying to take advantage of better (lower) rates? What is your end goal? Are you underwater?
      Justbroke, this is for an automobile refinance not a mortgage refinance. I should have explicitly stated that in my post.

      Not underwater at all on home or auto loans. I'm have substantial equity in my house and a few K equity in my car. It's just that I'm in grad school now and I'd prefer to reduce my expenses so it will be easier for me to pay cash for my tuition.

      Since we're talking about mortgage refi, I did call around today to see what people had to say. Again, I can afford my higher interest rates, but if I can lower them then why wouldn't I? Well, CapitalOne Mortgage said they require 4 years post discharge to even consider me. My credit union told me 2 years before they'd consider it. And I called a large, well-reviewed mortgage broker and she said that I would be wasting my time to even try before 2 years.
      Chapter 7, above median, no asset. Discharged with no UST involvement.

      Comment


      • #4
        Aha! (Not your fault... I should have looked at the posted forum!)

        Now that we are talking about car loans, I think it's 100% garbage that the loan needed to be reaffirmed (or redeemed). That is absolute garbage, whoever made that statement to you. If you want to push it, have the CAP1 guy talk to a supervisor or someone directly in underwriting.

        You should also shop this loan elsewhere. I think RoadLoans may offer interest rates that low, and certainly local credit unions may be able to beat or match that rate.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          I called Cap1 back today and spoke to someone else. She said the same thing, that since I did not reaffirm that Cap1 would not refi me. I asked her why.

          "Well, if Cap1 refinances your loan and you stop paying on it, then Bank of America can come repossess your car. It's a risk for Cap1. You could reaffirm your loan with BOA and then Cap1 would refi you."



          Seriously? I tried to explain everything that was wrong with what she said, but I felt like the Earth would run out of oxygen before I could get to everything.

          She would not budge and repeated herself.

          I tried.
          Chapter 7, above median, no asset. Discharged with no UST involvement.

          Comment


          • #6
            Shop the loan elsewhere. I can't believe that Cap1 Auto Finance (COAF) has no clue when it comes to secured property transactions. There are no post-discharge reaffirmations. COAF would have paid off Bank of America and received title. It's just so funny, that it is actually scary.

            Perhaps it's best not to do business with COAF. Shop somewhere else!
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              COAF is really funny. My mother and I - we BOTH get offers for car-loans and/or refis nearly on a weekly basis. They always contain the phrase "pre-approved based on your credit-report" etc.

              The fine-print on the back says that a pre-condition is that you can't have had a repo with COAF in the past. Now, since we both had a repo with COAF in the past, it certainly makes me wonder how "well" they keep record of their files. To make things worse, they base their "pre-approvals" on credit-reports that show(ed) - you guessed it right - a previous repo with COAF...
              Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
              FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
              FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

              Comment


              • #8
                I get those Capital One auto refinance offers frequently too. I was looking into it because one of my two cars (from the same manufacturer) didn't get reaffirmed due to their law firm thinking the second car's reaff was a duplicate of the first (but that's another story!).

                The fine-print on the back ruled it out though. I don't recall if it explicitly said that it must not be discharged or if it was more like "must be liable for the debt and in good standing", as I've since shredded it, but it seemed to be targeting discharged debts.
                Filed Chapter 7, January 2013. 341 Meeting, March 2013.
                Discharged as Asset Case w/ Stipulation, May 2013. Closed, May 2014.
                South Florida foreclosure: last payment, October 2012. Lis pendens, November 2013.

                Comment

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