Refinancing A House After Bankruptcy
It's been a year and a half since our Bankruptcy was final. We bought our house in 2005, and did not reaffirm, but just continued to make our payments which was okay with the Mortgage Co. Anyway, our loan was sold to a bank, and we just want to do some repairs on the house but we can't get anyone to finance us. Has anyone else had this problem?
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If you filed a year and a half ago, and didn't reaffirm, it sounds as if you filed under the old law. If so, in theory you could pack your bags and move out letting the mortgage company holding the bag.
While that doesn't sound like your intentions, it's an issue to consider.
Next, you don't mention your 'equity' position (Market value less mortgage balance), nor how much $ is involved in the repairs. Is it 'repairs' or revovations? A big difference. Repairs add nothing to the value of a home, renovations usually do.
Finally, have you applied for or considered a re-fi with some cash out for the repairs/revenovations?
If you want a lender to go 'behind' your mortgage company, they generally won't because they are totally exposed.
More details would be helpful. -
More details on our situation with house
Sorry that I didn't give more details. Yes, we did file under the old law, and we want to keep the house. (my husband and I have been married 38 years and this is the first house we have owned)
Our payments are $855 a month, taxes included as well as insurance. Our interest rate is 6.25%. The value of the home is 98,600. We owe $89,774.
These are the things we want to do to the house:
1. Put insulation in the attic
2. Put in a new privacy fence in backyard.(Neighbors dogs ruined fence before we moved in and they moved out without fixing fence)
3. Put an Awning on back of house where patio is
4. Put new sinks and cabinets in kitchen and bath. Sinks were bad when we moved in.Comment
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