I stumbled across this board a few weeks ago and it his been a wealth of information, there are a lot of knowledgeable people here...so I will ask questions.
I filed BK about 3 1/2 years ago, and refinanced my home about a year later to an ARM, my interest rate went up last July to 9.7% and is scheduled to go up to 10.7% in January. I pulled my credit scores and they are showing TU 631 EX 647 EQ 667.
Now my question, I contacted Countrywide about refinancing my loan (I owe 88,000) they said I should be able to get a rate of about 6.7% ballpark for a 15 year fixed, (I did not want them to pull a credit report untill I decided what I was going to do) and my closing costs would be about 6,000. I then contacted WAMU who currently holds the mortgage and they said they could currently lock my 9.7% for the balance of the loan for $350.00. I could then refinance at a later time after I improved my score.
I'm leaning towards WAMU, because they said since my BK is not 4 years or older and my credit scores should be about 675 median I will not garner that much of a better rate. If I did go this route and waited the eight or nine months to refinance, I should be passed the 4 year mark and hopefully my scores will continue to improve.
So tell me oh wise people of the credit boards...what do you think I should do?