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i have 30yr conventional loan rate at 7.25.i want to try to refi.i filed chapter7bankruptcy1yearago

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March 20 2009 - Plano
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Answers (7)

The OP posted almost 2 years ago!

Robyn...You need to read the good neighbor policy!  Your post is pure SPAM and has no place on Zillow.  Not to mention paying someone to remove accurate information from a credit report could, should and probably would be considered Mortgage Fraud!

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January 25 2011
Keith:  I have a great solution for you.  Call Gene Schwalen and tell him Robyn Bullard sent you.  He can walk you through getting your chapter 7 completely cleaned up. Then you can refi and get a great rate.  What you save on your interest should pay for your credit cleaning.
Gene Schwalen: 

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January 25 2011

A second option you may consider is going around a 1st mortgage product altogether and looking at a 2nd mortgage product. In many cases these products are scored differently and no to very low closing costs associated with them. A HELOC-Home Equity Line of Credit today has a low interest rate and if you qualify will help you build your credit for a couple years and then you can look at a 1st mortgage product down the road to refi into. Just a thought.

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January 19 2011
Unless you could prove extraordinary hardship (severe medical, death/disability) in today's market it would be very unlikely. As noted, FHA used to allow (and guidelines may still support) a refinance with 12 months seasoning on a bankruptcy; however, lender overlays will trump FHA every time.  There is a non-rofit, Neighborhood Assistance Corporation of America (https://www.naca.com) that may be able to help you to get the lender to voluntary modify your loan.  This non-profit has been around since 1988 and is not a scam and/or does not charge for their services.  Check it out!  Best of luck to you!
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October 20 2010
It depends on your credit score and why you filed bankruptcy.It would have to be an extenuating circumstance to even have a chance.
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October 06 2010
Can you give an idea/range of your credit score?
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January 13 2010
The usual FHA guideline is "A chapter 7 bankruptcy must be 2 years out from your discharge date to qualify for a purchase or refinance transaction with FHA". Also please note any foreclosure or repo must be 3 years out.

In the past we could get exceptions on FHA loans where being only 1 year discharged from a chapter 7 we could finance clients with an explaination and documentation of uncontrolable circumstances. In this market though honestly, I don't know if it would work.

Good Luck,

Lindsey :-)
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March 20 2009
 
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