What is your loan status after bankruptcy mortgage refinance?
In case you are in a financial crisis, you would be facing the ordeal of bankruptcy. If you file bankruptcy under Chapter 13, it will remain in the credit report for about seven years if you have regular income and can pay off your debts either partially or fully whereas bankruptcy under Chapter 7 will be in the credit report for ten years and involves liquidation procedures for releasing debts. If proper advice is taken, refinance agents can help you in understanding your loan status after bankruptcy mortgage refinance. They can help reconstruct your financial situation.
Looking at the option of refinancing your mortgage after going through a bankruptcy is similar to thinking of a completely new mortgage. The reason for opting for bankruptcy mortgage refinance is to get lower interest rate along with saving a considerable amount of money. Mortgage lenders also feel it viable to refinance after a bankruptcy as the chances of risk is also lower in case of refinancing a current mortgage.
When to apply for Bankruptcy mortgage refinance?
It is considered better to go in for bankruptcy mortgage refinance as your credit score depicts your credit rating. This will enable you to get proper terms for a refinance. Credit rating can be improved by the following means :
Having better savings.
Paying all the bills regularly.
Having a secure credit card.
If you have filed bankruptcy, you can contact various lenders to received details on bankruptcy mortgage refinance. Refinancing help you in lowering payments along with getting some extra money for leisure or other expenditures. Bankruptcy mortgage refinance will help you in better savings because of the following reasons :
Reduced payments.
Better terms.
Shorter periods of pay-off.
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