Refinancing after BK - have to wait 2 years?

[TXskyblue]

My mortgage was not reaffirmed. I stayed and paid. Owe 85K, is worth probably 140K. Have 8 years left on 15 year note. Rate is 5.875% fixed.

Due to applying for grad school, I want to lower my monthly payment. Currently I pay $1750 a month.

I called my credit union who owns and services my note, and they said I had to be 2 years post discharge before they would refinance. Period. I'm only 6 months post.

Is the 2 year thing true for everyone or is this just a credit union thing? I really like my credit union and don't want to move my mortgage elsewhere. Seems like they'd want to get me on the hook for the loan since it was discharged, but they obviously can see my accounts and see I have been paying extra every month, have a decent amount of money in savings, so maybe they don't see me as much of a risk.

Thoughts?

Transunion FICO: 667
Experian (don't have FICO, but have FAKO from free credit monitoring site): 702
Equifax: Don't know

[LadyInTheRed]

Each lender has its own requirements. If its and FHA loan, it would have to at a minimum satisfy FHA requirements. 2 years does seem to be the minimum amount of time after BK that people can get a mortgage. But, try talking to other lenders. Being loyal to your credit union only make sense if you can't get a better loan elsewhere.

[tobee43]

we just went through this ourselves. we closed our 2nd home on 12/20/13. we had 100% down and i just wanted a small mortgage for some upgrades without going into our savings. ( i want to buy POT stock with my savings LOL!) anyway, we went every where and were turned down, even tho our credit scores are 700 plus. no one would lend us anything. these so called FHA guidelines are just that, guidelines and no lender needs to follow them. if you past loan was federally backed in anyway whatsoever you are now likely listed on the CAIVRS list rCredit Alert Interactive Voice Response System (got it right time lady ). once you contact them they will provide you with the information on the date that you can start to re apply for mortgages. there is no rhyme or reason as to when you get on their list. our bk was closed and done 5 years ago. yet apparently, we still can't get a loan until 2016. that date we were put on that list was completely arbitrary. its connections to our date of filing of our bk, to when chase file for foreclosure. (in our case they never actually foreclosed).

i know a few on this site have been successful with the USDA and VA. we even tried conventional financing since we had 100% down and only wanted 30k. NO WAY. i was told by at least 5 different lenders those types of loans we longer do. although, i think logan a member of this forum was somehow able to do that. he is the ONLY person i have known to success that way.

so what i want to tell you, is right now there is another post where someone can't even get a mortgage and was told 7 years!! (Lady succession was and is a good one, maybe try a mortgage broker). but be careful, i have heard horror stories about some. while there are good ones out there, some just want to take big bucks and can't deliver. just keep looking, something will give!

[LadyInTheRed]

CAIVRS list rCredit Alert Interactive Voice Response System (got it right time lady ).

I prefer caviar! Fish eggs... Yummmmmm.

but be careful, i have heard horror stories about some. while there are good ones out there, some just want to take big bucks and can't deliver.

I wouldn't suggest paying a mortgage broker any fee other than one that is contingent on the loan funding and is paid out of escrow.

[tobee43]

I prefer caviar! Fish eggs... Yummmmmm.
oh!! LOL me too sometimes black some times red depends on my mood

I wouldn't suggest paying a mortgage broker any fee other than one that is contingent on the loan funding and is paid out of escrow.

so right! there are a ton of cons out there!

[tobee43]

m LOL lady! OH me too ....FOODIE HERE!!! pass the black please!!

agreed, no payment at all until it's clearly defined terms.