Refinance home

[Anonymous]

I am 23 months post discharge ch7, I was single and had 35k in cc debt. I now am financially responsible and have 2 CC's I use but pay off in full. I paid off my students loans and car after discharge, now my only bills in my name are sprint and 2 cc's. I am now married, the house was bought 10 months ago with my wife's credit (800+ FICO with no debts). We want to refinance to get a 30yr FHA or conv. mortgage rather than our current 40yr conv. mortgage and we have tons of equity as she bought the house cheap as a foreclosure and we totally renovated it. House tax value is at least $75k more than we paid for it. We want to refinance and get an extra $25-30k to do exterior upgrades as well as get a better interest rate (at 5.6% now). Would it be best for us to refinance without me since I was not on the original loan due to my ch7? I know I have to sign title paperwork due to the marriage interest. If I am on the refinance, do I have to mention or sign that I have had a bankruptcy? If I am NOT on the refinance, do I have to mention or sign anywhere that I have had a bankruptcy? I prefer to not have to. Would there be any advantage or disadvantage to having me co-sign on the refinance? Thanks.

[QueenBean]

If you have a mortgage person that you trust, I would discuss the scenarios with him/her. 

Be glad that you don't live in a communtiy property state and have the option to just use your wife's credit

Good Luck!

[BuckiRob]

The only way they wont pull a CR is if your wife does a streamline-refi for a lower rate and shorter term.  If you attempt to be added on the loan that will trigger a full re-qualification and as a result your CR will be pulled.  Trying to hide your BK is pointless since it will be on the CR.

Your score goes directly to your Credit rating.  Your wifes score (assuming it is still as high as you say) will allow you to get the best rates available and at the end of the day, that is what matters.  Keep in mind that underwriting criteria has changed radically in the last 12 months most  lenders offering the best rates are only going to want to do 80/20  For example.... if your home were to appraise for 475,000 most lenders are only going to want to loan 380000 while it is true that you have 95,000 in equity, its not equity you can tap into short of selling the home.