New Visitor
Posts: 1
Registered: ‎01-20-2013

Refinancing options help

Looking for some help with refianacing my 1st, and 2nd mortgage.  



First Mortgage $189,000 MGC Mortgage Interest Only

Second Mortgage $50,000 First Bank And Trust Interest Only

Estimated Home Value $240,000 Low End $260,000 High End

Now a little about myself, I received a chapter 7 bankruptcy discharge 2 years ago to eliminate some credit card debt, at the time of the discharge neither loan was reaffirmed, as my lawyer stated it would not make sense to do that. Prior to my BK, I was never late on any of my payments both the first, and second, and have continued to be on time, until this date. Since my BK my credit has been on the up it os now at 660, and keeps improving every month. 

What I want to do is refinance both the 1st, and 2nd mortgage into 1 payment, and take advantage of the low interest rates. 

What are my best options at getting this done??

Are there any government programs that fit my situation?

I will be checking this post often, so if you need any further information from me, please let me know. 


Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010

Re: Refinancing options help

When refinancing there is LTV limits.

With your present loans you have 239k worth of debt. If your home is appraised for 240k good chances you will not qualify.

Best situation for you is to bring a current copy of your credit report and speak with an LO or Broker. Personally in your situation I would speak to Brokers.

They will give you the advice on what you can and cant do and what programs are available. Some refinancing programs do not require appraisal, but let your Broker guide you.
Good Luck
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