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HARP refinance after Chapter 7

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    HARP refinance after Chapter 7

    I was told by my current service provider that I am eligible for applying for HARP refinance with lower interest rate for a property that I want to keep. The original loan was discharged in Chapter 7 but my payments are current

    I was just checking to find out if anyone had done HARP refinance after Chap 7 discharge without reaffirming the loan

    Thanks

    #2
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      #3
      Originally posted by imran93 View Post
      I was told by my current service provider that I am eligible for applying for HARP refinance with lower interest rate for a property that I want to keep. The original loan was discharged in Chapter 7 but my payments are current

      I was just checking to find out if anyone had done HARP refinance after Chap 7 discharge without reaffirming the loan
      I do not know why anyone would refinance a discharged loan. Even if the refinancing saved $100/month in mortgage payments, you really need to think about what refinancing the debt does. Additionally, you should really look at your equity position. If it's negative equity exceeding 10%, then this is a no brainer; never refinance a discharged underwater debt.

      The new HARP requirements seem to allow, just as FHA, reduced seasoning requirements. The question is really whether it's the best financial decision.
      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

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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        #4
        I would pay more for a property like I am currently, for the ability to walk away free and clear at anytime I want. It puts you in a great position. Think very hard before you sign any paper work and talk to your attorneys.

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