Hi,
Our BK ch 7 discharged 10/2012, closed first part of 2013. We didn't reaffirm mortgage, but have been paying it like always. Mortgage is from 2007 7% interest. I bought at high time, so not any equity when I moved here. Long story short, I spoke to the loan officer at my bank, he suggests going thru FHA (my loan is a conventional mtg now), 15'years, rate he quoted was 3.125%. I told him my credit karma rate and score tracking through capital one ranges between 696-702. He said the rate was for greater than 680. My income is just under $86K. When they took info they said debt to income was fine. I have no idea what our house will appraise for, but hopefully will be 3.5% more.
The reason we filed in the first place, was due to my husbands old home and not being able to work anything out with Bank of America. His home was foreclosed on this past fall (finally), and it was included in Ch 7. I was not on that property, and he's not on our primary residence. So I will be having mortgage in my name, title in both our names when refinancing goes through.
Anyway, if the underwriters want an explanation of why we filed, I don't know what to say without ruining our chance of refinancing. Also, is there anything else we should know, or be aware of?
Thanks for your help!
Our BK ch 7 discharged 10/2012, closed first part of 2013. We didn't reaffirm mortgage, but have been paying it like always. Mortgage is from 2007 7% interest. I bought at high time, so not any equity when I moved here. Long story short, I spoke to the loan officer at my bank, he suggests going thru FHA (my loan is a conventional mtg now), 15'years, rate he quoted was 3.125%. I told him my credit karma rate and score tracking through capital one ranges between 696-702. He said the rate was for greater than 680. My income is just under $86K. When they took info they said debt to income was fine. I have no idea what our house will appraise for, but hopefully will be 3.5% more.
The reason we filed in the first place, was due to my husbands old home and not being able to work anything out with Bank of America. His home was foreclosed on this past fall (finally), and it was included in Ch 7. I was not on that property, and he's not on our primary residence. So I will be having mortgage in my name, title in both our names when refinancing goes through.
Anyway, if the underwriters want an explanation of why we filed, I don't know what to say without ruining our chance of refinancing. Also, is there anything else we should know, or be aware of?
Thanks for your help!
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