I am not yet a year out, is it too soon to think about REFI? We continued making payments on our mortgage, never missed a payment nor was late. When I casually asked our banker, VERY small bank, he just made a comment about things being "tight right now". We were never late on our mtges or our vehicle payments and still continue to pay, does that not count for anything? Our interest rates are 6.5 and 8%, was hoping to combine and get a lower rate. No we didn't reaffirm, just continued to make our payments.
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Yes you are to soon. 2 years for a FHA backed mortgage, if no forecloser and 3 years if there was a forecloser.
Keep working on building up payment history.
I am just over 2 years out of a 7, no forecloser, bank doing a ride thru, and am doing a refi, should close next week... -
From everything I have read here, it is a minimum of two years after your BK discharge, that mortgage holders will even *think* about doing a refi. If you have a long term relationship with a bank or CU, you might be able to work something out a little later. Right now, though, since you have been told "things are tight", I think you will need to ride this out a little longer. Perhaps after the first of the year will be a good time to try...
Good luck!
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Believe it or not i was a bit surprised. I have had a relationship with this small bank for approx 10 years and have never been delinquent, and I have two mortgages with them (two different properties)! Oh well, I guess I'll have to wait at least another year.Comment
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