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Refi after Chapter 13

Regular Contributor

Refi after Chapter 13

We were discharged from Chapter 13 four months ago.  We have a high interest rate mortgage.  We are current but the monthly payment kills us. I have already talked to the credit union where we have banked for 25 years (yes our original mortgage was there and we never missed a payment but we refinanced to pay for our son to go to college and since I was self-employed we got bamboozled (yes our fault) by another lender).  Anyway I've already asked our credit union about refi but they said not until 2 years after discharge.  Is this all banks/credit unions or does it vary from one to the other?  I really would not mind selling the house as its big and our kids are in collage and pretty much on their own (our area has not really been hit but upside down mtgs and homes are still selling) but we would not end up with much of a profit.  I could use some answers if anyone knows.  Thanks.

Message 1 of 3
Super Contributor

Re: Refi after Chapter 13

FHA would allow a refi. with no reasoning on the bk. Are you within their loan limits


Retired Lender
Message 2 of 3
Regular Contributor

Re: Refi after Chapter 13

Thanks for info.  I looked up FHA and this on their website...


  • Competitive rates for borrowers with a Bankruptcy older than two years.

    Does this mean 2 years from filing or 2 years from discharge?

    Message 3 of 3