Post Chap 7 - Refi

[skijrt]

I was discharged (Chap 7) in July of 2006. I have two mortgages that were both reconfirmed in the BK process. I have a 1st with Countrywide that is sitting at 7.5% with a readjustment coming my way in July. I also have a 2nd with WAMU that is at a heinous 11.5%. I'm only able to make interest payments with no dent in capital.

My credit score is back up to 680. I have great 6 figure W2s. But because of the BK no one will allow me to refi because all the people I have tried sell their mortgages on the secondary market. I've been told that things should improve after the 2 year point, but I'm fed up with paying nothing to capital with an interest rate adjustment heading my way in 6 months.

I want to refi and combine the mortgages. Does anyone know of an alternative? Are there companies out there that keep their mortages and don't re sell?

Thanks

[Minnymouth]

Unfortunately most mortgage companies will not touch you after bankruptcy until 2 years out or more....

If they do its at a very high interest rate.

If you wait till after 2 years a apply you can get a decent refi rate with some of them.....

Just make sure you maintain good payment records on everything post chapter 7........

[rrockinggramma]

Talk to an FHA lender in your area that knows his stuff. He might be able to get it done even though your 2 years isn't up until July 08. It is worth a try. .

[skijrt]

So, what I've been told about 2 years is accurate?

[MTG_BANKER_OH]

I was discharged (Chap 7) in July of 2006. I have two mortgages that were both reconfirmed in the BK process. I have a 1st with Countrywide that is sitting at 7.5% with a readjustment coming my way in July. I also have a 2nd with WAMU that is at a heinous 11.5%. I'm only able to make interest payments with no dent in capital.

My credit score is back up to 680. I have great 6 figure W2s. But because of the BK no one will allow me to refi because all the people I have tried sell their mortgages on the secondary market. I've been told that things should improve after the 2 year point, but I'm fed up with paying nothing to capital with an interest rate adjustment heading my way in 6 months.

I want to refi and combine the mortgages. Does anyone know of an alternative? Are there companies out there that keep their mortages and don't re sell?

Thanks

It depends on what you owe compared to what you owe, you may qualify for FHA, you might qualify now but you should be ok when you hit the 2 year mark.