FHA Streamline refi after chapter 7?

[gmanmike]

We filed chapter 7 and were discharged. The home we live in now was included in our bk but we did not reaffirm. It is now showing IIB $0 balance. We have an FHA fixed rate mortgage that we always kept current and are now "pay to stay" in the property. The question is can we Streamline Refi this home through FHA now or do we need to wait the 2 or 3 years wait period after bk to do anything with the mortgage? We have 5.5 fixed for 30 years but thought we could maybe get into the 4.5 range with the super low rates now to drop our payment another $100 a month.

We also included another property in the bk and surrendered it back to the bank through chapter 7. That home had a conventional loan and B of A still has not foreclosed on it yet.

[justbroke]

You will have some underwriting issues. The "old" FHA rules were 2 years post discharge for a Chapter 7. It could be 3 years now, I just don't know. However, they do make exceptions! If the reason for your Bankruptcy was through no fault of your own, and you can show on-time payments prior to the bankruptcy, then can waive the underwriting requirement for the 2-3 year wait.

You can start by just calling around different FHA loan providers.

(I will say, with the other home on there, that is the subject of foreclosure action and/or lots of missed payments, that will probably hurt you.)