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What I'm learning in 2017 about Mortgage Refi after Chap 13

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  • #16
    Thanks for this thread LadyInTheRed.
    I'm also in need of some advise from anyone that has already done a refinance post chap13 or just going thru it now.
    I had been receiving mortgage refinance info in the mail right after being discharged chap13 in May 2017. Last week, I took the plunge and called one of them.
    They quoted me some rough numbers without running my credit since I was not too sure about this company "Cross Country Mortgage".
    The person I spoke to said they can do an FHA loan with a little as 600 credit scores and we would be able to do a $35K cash out. The cash out is one of the primary reasons for the refi since we need to replace our roof and would be converting our heating unit from oil to gas.
    Today, I spoke to a mortgage broker at Quicken loans. They told me if I did an FHA loan with them, I could not do a cash out. They are able to get me qualified for a HARP loan. Problem of course is I wouldn't be able to cash out. But I could reduce my mortgage payments by almost $600. Can anyone confirm if this is totally true that I would not be able to do a cash out with FHA loan since I'm only discharged for 2 months?

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    • #17
      My loan funded today. 3.75% fixed 30 year loan with $100K cash out sitting in my checking account. My house appraised for $465K, so I still have over $100K in equity! The one issue that almost caused me to have to pay for a rate lock extension was that we didn't have carbon monoxide detectors. Fortunately, underwriting accepted photos of the installed detectors and receipts for their purchase instead of requiring the appraiser to come back. The bankruptcy was never an issue since my Chap 13 was discharged 2 years ago.

      max2k10, Quicken loans was one of the higher rate quotes I received for both FHA and conventional loans. They tried to sell me on their great customer service, but it wasn't worth the rates/fees they were offering. Cross Country was lower, but still not the lowest. My understanding is that FHA does allow cash out refinances. Not all FHA lenders offer all loan types that FHA will allow. So, keep shopping for lenders. The internet makes it easy to get multiple offers. The hard part is comparing them. So, do some research about how to compare offers to make sure you are comparing apples to apples.

      If you do not have enough equity to get the cash you need, you can also consider an FHA 203(k) loan which allows you to get cash out for repairs/improvements with the LTV calculated based on the value after the repairs/improvements are completed. Not all lenders will do those either. You also have to find a contractor willing to work under the FHA restrictions, including completing the work within a certain time and receiving payments from escrow at a schedule controlled by the lender. If you are interested in a 203(k) loan, try finding a local lender who specializes in them who may be able to refer you to a contractor. Or, at least try to find a contractor with experience with the 203(k) loan.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      • #18
        LadyInTheRed - Hark! Do I hear the remodel team coming?? Congratulations!!!!
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16

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        • #19
          Originally posted by sophieanne View Post
          LadyInTheRed - Hark! Do I hear the remodel team coming?? Congratulations!!!!
          Thank you!

          Hopefully it will be a little more than a remodel. We want to add about 200 sq ft, including a bathroom, to our 875 sq ft house. Anybody know a good (and budget friendly) architect in the San Francisco Bay Area?
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


          • #20
            Congrats Lady!! Our refi closed 7/28 as well at 3.75%. We went FHA and we could have taken cash out as had plenty of equity, but wanted as low a payment as passed.
            Filed ch 13 03/2012. Final payment made 03/2015. Discharged 8/04/15!!!

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            • #21
              Thanks gld2pan! Congratulations to you too!

              Since I only had 17 years left on my prior mortgage and refinanced into a 30 year at a slightly lower rate, my payment is about the same as before. The drawback is that my mortgage will not be paid off before I retire like it would have. It really came down to whether to move into something bigger or add on. If I am ever able to retire, I will have the option of selling and moving somewhere with lower property values.
              LadyInTheRed is in the black!
              Filed Chap 13 April 2010. Discharged May 2015.
              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

              Comment


              • #22
                Congrats LadyInTheRed & Congrats to all others who have been able to successfully do a refinance.
                It's great to see that things like this are possible after BK. I'm pretty sure this give many others hope.

                We also took the plunge today and started the refinance process with my original mortgage broker who I used when I first purchased my home and who has done 2 refinances for us.
                I have already needed to provide a ton of papers but no big deal. I know this is to be expected.
                I just wish I was getting the same interest rates as some of you all have but for now, I have to deal with an FHA loan at 4.125%. I understand we only got discharged in May and our scores are OK but not going up as quickly as we would like. I'm also doing a cash out for home repairs. Now I'm just praying that we get appraised at the right value to cover the cash out.

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                • #23
                  I hope all goes well with your refi, max2k10! I found the process very frustrating, especially as we got close to the end of the lock period and I was trying to go on vacation. We closed on the last possible day!

                  4.125% is still a low rate historically speaking. When I bought my house in 2004, my 5.75% was considered a very low rate and my mother thought I was crazy to not got to 6% to get a fixed rate. There was a point when I wished I had taken her advice, but the variable rate worked out pretty well.
                  LadyInTheRed is in the black!
                  Filed Chap 13 April 2010. Discharged May 2015.
                  $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                  Comment


                  • #24
                    @LadyInTheRed, Things are moving along. I had my appraisal done on Friday. Tomorrow, they will submit final report to bank. I'm anxious right now because we want to do a cash out so very critical for it to appraise at the right price. I believe it will but not many comparos where I live. If all goes well, we are planning on replacing our roof, siding, gutters and converting from oil heat to gas. Been getting quotes just to be prepared and they are all over the place. Some too high. My biggest fear is an in ground oil tank we want to remove after the conversion. I'm praying to god we have no leak. I have been reading all the nightmares on how costly it is to do an oil leak cleanup. That will not be fun.

                    Comment


                    • #25
                      max2k10 - Hi, a little off topic (although part of your note). Have you talked to your utility company about financial incentives for converting to gas. I'm only asking cause we received an email from the utility company ere offering a 3500 incentive for people who want to convert to gas. We already have it but it was nice to read. Just a question for thought? Good luck with your refi, I hope it works out the way you need it to.
                      Filed Chapter 13 - 07/20/12
                      Discharged 8/2/16

                      Comment


                      • #26
                        Congratulations to all who have successfully refinance after Chapter 13. We are in the process of trying to refinance our home and get some equity out with conventional loan. We waitied specifically over 2 years since discharged to work on re-establishing our credit. Our credit scores are now averaging in the 780s. We have over 200k in equity in our home. We ran into a hiccup because one of the creditors (Wells Fargo Dealer Services) still reporting as discharged in bankruptcy/collection account. Two of the credit bureau removed the negative reporting but Experian will not. When we filed for Chp 13 we kept our two vehicle loans along with our mortgage loan and paid them all on time. We paid off the vehicle loan before our Chapter 13 was dischaged. Wells Fargo sent us a pay off letter along with the title. For over a month, I've been trying to find the right person in Wells Fargo Dealer Srvs to help me remove the negative reporting on my credit report. No success and I'm running out of options. Wells Fargo was able to confirm all my payments made on time and that it was paid in full. They even sent me a copy of all my payment transactions. They said that my vehicle was included in my bankruptcy even though we paid it off and that it wasn't an option not to include it. Does anyone have any thoughts or experience on next steps I can take. Thank you for your time.

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