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Refinance options with little equity and bankruptcy?

I have two loans on my home which is worth $245,000.00. First was from 2004 balance of $189,000.00 at 8%; second from 2006 balance of $45,000.00 at 8.9%. Can I refinace either with the little equity available in my home? What are the chances of getting a low rate or is it even possible since we claimed bankruptcy in 3/10?
  • October 19 2012 - Medford
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Answers (4)

Hello. it is very possible to refinance to a lower rate. There are several determining factors, like income, exactly how much equity you do have or how much under water you are, etc. The best thing you can do is meet with a Loan Officer and allow him/her to review all your paperwork and see what your options are.

Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
[hotlink removed by Zillow moderator]
  • October 27 2012
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Profile picture for Cindy Quinton
Is it an FHA insured mortgage?
  • October 19 2012
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Contact a reputable lender and best of luck...from what I've read you may be eligible for something though :) cheers
  • October 19 2012
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Many lenders are willing to work with people in your shoes. I have worked with many lenders over the past 13 years and I have found that by contacting a Broker/lender they seem to have much more options. they can also help you sometimes with just taking a few simple steps can get you in a position to be ready to refinance. I hope this helps 8% Ouch
  • October 19 2012
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