Finally Refinanced !!!!

[invest1choice]

We were discharged on 1/05 and have refinanced our 2 yr arm FINALLY to a 30 year fixed Just closed this past Tuesday .. The rate is not so great but better than a % 11.5 which we were coming up to ... We went with a broker and he got us a 8.75% He is in Greenville SC and very honest and on the ball.
So at least I do not feel trapped to refinance in two years .. our new mortage is $977.00 (without taxes) instead of $1300.00 (with taxes ) with a rate that was getting out of hand.
So there is a light at the end of the tunnel at least for us . My husbands middle at time of pull was a 590 and mine was 602 If I remember correctly .
Just wanted to update you guys since you have been such a big help through my BK and afterwards with rebuilding .
So hopefully I can help someone else.

[SinkingFast]

WTG, Invest1!!

What a relief!! Fixed payments. No worries about rate adjustments. You can plan your future!!

[chucko]

While I'm happy for you that you got out of your ARM, I'm absolutely floored that the best you could do 2+ years out of BK was 8.75%. Can you give us some more details? What were your scores, and did you take care of your credit since you were discharged? Did you shop around a lot?

[invest1choice]

We owed 119,200 and it apprasied at 138,000..
He said due to our scores 595 and 602 and you now need at least 3 years out of bk for a decent rate ..This is what I had been told over and over again and a lot of companies would not even look at it plus our home was on the market which put a damper on it all alot of companies wanted 6 months off the market but our arm was going up every 6 months and we were at 11.5 % so we had to take it. Countrywide offered us 10% so this looked good . I shopped around a lot aimloans looked at it too but he could only put us in another arm for that rate of 8.5% which we chose not to do again so we went with the 8.75%..
As far as clearing up our credit I had been disputing since we were discharged and a lot has either come off or was updated to "0 " balances and included in BK... It came to a point in disputing the same item they did not even research it again sending us a letter that it was previously verified so I figured I would take a break on it .. But still needed to refinance since the home was not selling... I know 8.75% 30 year fixed is nothing to get excited over but when you are looking at 11.5 and it going up higher every six months you just have no choice if you don't want to loose your home which is what would have happened since we could not afford a 1300.00 payment starting in June . I could of waited until I was two years out of BK instead of 1 year and 3 months . I am sorry I realize I have said the discharge was 2005 but no it was Jan 2006 .. That was my error... We just could not wait until Jan 08 we would not have made it in our case ...We owed 119,200 but now we owe 124,200 with getting 1300.00 cash out ... Kinda stinks but at least we still have a home ..
I hope this helps