Hello,
I filed Ch13 in April 2010, successfully completed the payment plan and discharged in April 2015. Thanks to the advice of so many of you my rebuild has gone well. As of today my FICO scores are 726, 732 and 745. Over the past year I’ve opened 9 credit cards with $48K avail credit and maintain less than 4% utilization. I have no other debt except for a horrible 1st mortgage and terrible 2nd mortgage, both with BOA unwritten by Melon.
Because I had to close accounts to file my credit history is shrinking. The last few reporting accounts will fall off within the next few months. Good because BOA has pre-BK late payments but bad because the other accounts are squeaky clean. I believe that by this time next year I’ll only have a 7 (or maybe 10?) year credit history.
My company was just bought by a competitor, the deal will not be finalized for 9-12 months. The odds of me making it thru the acquisition (without moving out of state) are slim to none. I am fairly certain that I’ll quickly find another local job but a pay cut is almost guaranteed. I would be okay with the cut if I my house payments were less. The BOA loans are so awful (6.875% and 10.5%) that a refi could make all the difference in the world. Cannot do the HAMP/HARP thing because my loans are not unwritten by Freddi or Fannie. I think I have close to 80% equity but need an appraisal to know for sure.
My plan was to refi next summer when I could score an excellent loan. No apps within a year, long credit history, no bad marks and 80% (confirmed) equity would put me in the right position (I thought). Now I don’t know what to do. Checked around this week and found that BOA will not refi until 2 years post discharge and my bank will not do it until 7 after filing Ch13. Is there someone else that will do it or is there a legal waiting period? If I wait until next spring when the BK drops off will my short credit history limit my options? I cannot find too much info on post Ch13 mortgage refi and what I have seen is all over the place. Any information on the topic or advice on my situation is appreciated.
Thanks!
