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Old 12-31-2011, 12:06 PM
 
20 posts, read 57,839 times
Reputation: 18

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How hard is this going to be and is it worth it? My DH filed for BK 2 years ago. (unfortunately lost employment) I was not included. We have never been late or defaulted on our mortgage which we've had 7 years. We've had 2 other mortgages before this one and always paid on time. After BK, everything is current and no negative reports on credit report since.

My DH is the only one showing self employment income. I'm currently unemployed. Don't know how this will effect things.

Our current rate is 5.8% and we'd like to hopefully get a lower rate. Is the BK going to have a big impact on getting a good rate? Or, are they looking at the past 2 years with excellent credit and paying all bills on time? I know the BK lowers my DH's credit score but mine is over 800. (not sure what his is now) I'd like to apply for the mortgage myself but it's my DH's income. What is our best option?
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Old 12-31-2011, 12:09 PM
 
Location: United State of Texas
1,708 posts, read 5,269,444 times
Reputation: 2095
I'd say your chances of a refinance are slim. A bankruptcy (it's OK to spell it here) and you being unemployed... As a lender I would not touch it. What the heck does DH mean?
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Old 12-31-2011, 12:32 PM
 
20 posts, read 57,839 times
Reputation: 18
Quote:
Originally Posted by Zembonez View Post
I'd say your chances of a refinance are slim. A bankruptcy (it's OK to spell it here) and you being unemployed... As a lender I would not touch it. What the heck does DH mean?

DH=husband
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Old 12-31-2011, 04:32 PM
 
Location: United State of Texas
1,708 posts, read 5,269,444 times
Reputation: 2095
Quote:
Originally Posted by Dogloverof2 View Post
DH=husband
Thank you.
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Old 01-03-2012, 02:45 PM
 
20 posts, read 57,839 times
Reputation: 18
I guess there is no chance? We've had spotless credit for 19 years before the BK and now have had spotless credit for 2 years after. It was just a bad time just like others had during the economy doing so poorly. We are not bad people and we do pay all of our bills on time.
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Old 01-03-2012, 03:57 PM
 
Location: Austin
7,083 posts, read 16,919,944 times
Reputation: 9502
You can get a regular mortgage with a BK that is 2 years ago, so a refi would also be possible. Where the problem is is that it doesn't matter what your credit score is because you have no income. If your DH is self employed, unless he's showing some good income, as they'll verify with tax returns, you're not going to have the income to qualify. Self-Employed No-Doc loans are starting to make a come back, but you need to have near perfect credit for a lender to risk it.

Just because the BK was 2 years ago doesn't mean his credit scores are bad. They might be decent. You need to have a mortgage person look at your situation directly.
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Old 01-04-2012, 06:18 AM
 
Location: MID ATLANTIC
7,604 posts, read 17,652,971 times
Reputation: 8099
Did I miss what kind of loan you have? How about the equity in the property? These answers will dictate the length of your wait to refinance.

What kind of work is your DH doing now? Is he still self employed? How many tax returns have been filed since the BK? These answers will dictate if he is qualified for a new mortgage.

Also of particular importance, find out the date of discharge on the BK. Go find the paperwork where the mortgage was reaffirmed, the paperwork that excluded the home from the BK. (should be in your petition - about a 30+ page document). The discharge is a single piece of paper sent in the mail after the BK closed out.......that is the most important piece of paper in your world right now. Keep everything together and don't lose it!
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Old 01-04-2012, 10:46 AM
 
Location: Plano, Texas
1,676 posts, read 6,338,286 times
Reputation: 684
If your current mortgage is a FHA loan, you can look into a streamline refinance. On a streamline, they do not take into consideration your income.. Just a minimum score of 640 and must be employed.
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