Refinance right after discharge

[Blue_Ray]

Good morning all,

I have a quick question and I hope someone would know this.

I recently got my discharge and now what I am trying to do is move my due dates on all my “SECURE” debt.

Here are my secure debt:

• Home Mortgage (due by 16th)
• Car Payment (due by 14th)
• 2nd Mortgage (due by 18th)


I called the banks for the 2nd mortgage and car payment to have those due for around 24th of each month.

Now, I was able to get my car payment moved, but NOT the 2nd mortgage. I am trying to keep both 2nd mortgage and car payment due dates away from my home mortgage due to it not have any money in our account due to all our bills.

I was told by the CS-rep that I would have to refi it and to get the due date moved also she comment that the APR% is lower then what I have currently.

Now the question I have is, would you guys think it would be hard for us to get qualified to get the 2nd mortgage refinanced due to the Chapter 7 / Discharge recently?

Thank you for any input.

Ray

[Minnymouth]

Any refinance right out of bankruptcy is going to have a higher interest rate then what they may be offering or quoting you.
Most companies will not refinance until you have been out of BK or at least one year, and most prefer 2 years of solid ontime payments.
I started to refinance right out of BK, interest rate was too high. I waited till after 2 year requirement and got the lowest interest rate available at the time - around 6%. Not too bad for having filed BK...
You might check with the mortgage company and see what they offer - just be careful of hidden charges (closing cost) etc that they may want to tac on and make sure they are really offering you the lowest interest rate on a re-finance.
Just make sure that refinancing at the time is for your benefit and to your advantage........... not theirs......

[HHM]

Incidentally, did you reaffirm these mortgages?

What is your grace period?

I would simply keep calling and at some point ask to speak with a supervisor. But, the resistance you are getting is probably due to the fact that the servicer needs to make a dividend payment to the investors in your mortgage so the bank probably has limited flexibility to move the payment due date.

Or, you could try calling your first mortgage and moving that date.

In any event, I would NOT refinance just to move the payment date. The payment due date is something you can deal with by budgeting.

[Flamingo]

It is possible there is a clause in your second mortgage that the due date cannot be revised once established. Many mortgages are like that. You are usually given an option at mortgage signing where you sign a document indicating the date each month you want the payment due. Once that is signed, the mortgage company is under no obligation even upon your request to revise the payment date. As stated by one of the moderators, just a bit of budgeting on your end can solve the problem. There really is not need to move around payment dates and have to spend a lot of money to do so when all you need to do is breakdown your paychecks and what should be allotted to each bill and either hold it in your checking or savings account until the bill is to be sent in full. I have a feeling you are not used to to doing that and maybe should start by breaking it all down on paper and learning how to control your funds each month.

I seriously cannot see one having to refinance a mortgage just to move the payment date unless there was equity in the house that was needed for major home improvements.

[ChaserRu]

Is it really worth paying closing costs/fees on refinancing, plus re-amortizing the loan, just to move the due date? You are making the same $$ per month no matter the due date, just re-adjust your budget to make it work. Save part of the paycheck you receive when no bills are due, for the next round of due dates..