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Wonder if this will go through???

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    Wonder if this will go through???

    Hi,

    Our BK ch 7 discharged 10/2012, closed first part of 2013. We didn't reaffirm mortgage, but have been paying it like always. Mortgage is from 2007 7% interest. I bought at high time, so not any equity when I moved here. Long story short, I spoke to the loan officer at my bank, he suggests going thru FHA (my loan is a conventional mtg now), 15'years, rate he quoted was 3.125%. I told him my credit karma rate and score tracking through capital one ranges between 696-702. He said the rate was for greater than 680. My income is just under $86K. When they took info they said debt to income was fine. I have no idea what our house will appraise for, but hopefully will be 3.5% more.

    The reason we filed in the first place, was due to my husbands old home and not being able to work anything out with Bank of America. His home was foreclosed on this past fall (finally), and it was included in Ch 7. I was not on that property, and he's not on our primary residence. So I will be having mortgage in my name, title in both our names when refinancing goes through.

    Anyway, if the underwriters want an explanation of why we filed, I don't know what to say without ruining our chance of refinancing. Also, is there anything else we should know, or be aware of?

    Thanks for your help!

    #2
    What led to the need to try to work something out with Bank of America? Was there a change in income or expenses beyond your control?
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      Actually husband's income changed, he was medically retired from military and originally on disability, and small retirement, his income about 1/2 what it was. I was in graduate school snd my hours ended up being reduced at that time because I worked "as needed". We did everything we could to try and get them to work with us, but they wouldn't. :/. So I hadn't thought of that part, I just kept thinking about BOA and the struggles with them, not what got us there.

      Thanks for helping us think it through!

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        #4
        Glad I could help. All those factors make a good explanation. Be careful to not make it sound like you are blaming BofA for your BK.
        LadyInTheRed is in the black!
        Filed Chap 13 April 2010. Discharged May 2015.
        $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

        Comment


          #5
          Thank you! They haven't requested anything yet, but am trying to be prepared. Thanks again for the input!

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