Re-fi after chapter 7.

[wantout]

Discharged in 04/10, credit score is close to 700. My 1st was included in the BK and bank is doing a ride thru, all payments current and have never missed or been late in 15 years.
2nd I had to re affirm, ya I know but I did, current and never late or missed a payment in 6 years.
I would like to re fi my mortage for a 15 year term. combine the 1st and 2nd. House appraise for close to $90, 000, owe $52000 between the two.

Should I wait one more year before trying for a re-fi? What are my chances of getting approved?

[justbroke]

It could be possible especially if your mortgages are actually reporting right now. This would allow you to demonstrate that you have maintained your mortgage history and that you have paid on time. Additionally, you are 2 years from your discharge, so that will help immensely (since most of the GSE loans require 2 years from discharge).

With that much equity, the chances of a successful approval, a good rate, and a successful close of the loan, makes it more likely. I mean, you're asking for a CLTV of only 57% which is pretty good. I don't fault you too much for reaffirming your mortgage(s) since you actually have equity!

You may need to shop this loan, but you should be able to do it. In the past, I used e-Loan to find the best offers amongst several lenders. However, if you're at a decent credit union, you may want to go there first. I'm at Navy Federal and they are very good (so long as you pay on time!).

[wantout]

It could be possible especially if your mortgages are actually reporting right now. This would allow you to demonstrate that you have maintained your mortgage history and that you have paid on time. Additionally, you are 2 years from your discharge, so that will help immensely (since most of the GSE loans require 2 years from discharge).

With that much equity, the chances of a successful approval, a good rate, and a successful close of the loan, makes it more likely. I mean, you're asking for a CLTV of only 57% which is pretty good. I don't fault you too much for reaffirming your mortgage(s) since you actually have equity!

You may need to shop this loan, but you should be able to do it. In the past, I used e-Loan to find the best offers amongst several lenders. However, if you're at a decent credit union, you may want to go there first. I'm at Navy Federal and they are very good (so long as you pay on time!).

Yes both mortgages are reporting and are current in the reporting.

I spoke with my banker the other day, ran into him while I was on lunch from work, we got to talking and he said well you have always taken care of us, if we could not find something out there for you, we do have in house programs we could do. They have treated me well thru all of this.

There is credit union in town but have not spoken with them yet.

[wantout]

Update 05/19. I spoke with a friend who is also a mortgage broker. He said that he is sure he can get me a 15 year re-fi, @ 3.5% or close to it, and with the equity I have I could tap out a little extra for any home improvements I want to make, I need to replace the windows.

He is going to run some numbers next week for me. So this may be the route I take. He knows about my BK but as justbroke said with what I have the time lapse since discharge, he does not see any problems.