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Applying for a mortgage post-bankruptcy is similar to a regular application — only with a few extra steps. That way, when your bankruptcy discharges, you’ll be on the road to homeownership. 1.
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...
Seasoning requirements can also apply to getting a loan after bankruptcy or foreclosure, and to mortgage refinances. For mortgages, money becomes "seasoned" after it's been in an established ...
Refinance: You might consider refinancing if interest rates have fallen since you got your loan, you have strong enough credit and income to qualify for a new mortgage and you can afford the ...
With a short refinance, the lender forgives some of your debt and refinances the rest into a new loan. This type of refi was more common in the aftermath of the mortgage crisis and might not be ...
In June 2008, the company completed a $60 billion refinancing. [9] On April 17, 2012, the company missed an interest payment. [10] On May 14, 2012, the company filed for a pre-packaged bankruptcy that included the separation of the company from its parent, Ally Financial. [11]
Key takeaways. Refinancing your mortgage could make sense for several reasons: lowering your interest rate, taking cash out or switching to a fixed-rate loan.
5 steps to prepare to refinance. You can keep in touch with a lender while you get ready to refinance, or you can use a DIY approach and wait to contact a lender until you're ready to apply.