Bankruptcy Laws

Refinance After Bankruptcy

Many people want to know if it is difficult or possible to refinance after bankruptcy. Although it is harder to refinance after bankruptcy, it is not impossible. Also, the longer you wait after bankruptcy, the easier it is to refinance a loan. Most lenders want to see that you can keep paying bills after bankruptcy before they qualify you for a refinance.

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You can also get quotes for refinance after bankruptcy from Lending Tree, a leader in mortgage refinance.

Refinance after bankruptcy

How to increase your chance for a refinance after bankruptcy?

Before you refinance, after bankruptcy or not, the lender will look at your credit as well as your credit score. When someone has filed bankruptcy, his/her credit is hurt and the credit score is most likely lowered.

Traditional lenders are less likely to qualify someone who has recently filed bankruptcy for a refinance loan. Also, depending on the type of bankruptcy the home or other collaterals may be liquidated in the process of bankruptcy. If you are in the situation where you still have a loan under your name that you are responsible for and you need to refinance after bankruptcy, you need to convince the lender that you have changed and can be responsible for paying off your debts.

Unlike many people believe, you don't have to wait 7 years or 10 years before you can refinance after bankruptcy or get a new credit card or mortgage. If you can show that you have the ability and history of paying ontime and you have a collateral such as a house, then many lenders will take a chance on you and refinance your loan after bankruptcy.

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