Finding Mortgage Companies that Offer Refinancing Options After Chapter 7 Bankruptcy

Introduction

Following a Chapter 7 bankruptcy, individuals may feel restricted in their financial options, especially in obtaining a mortgage. However, there are mortgage companies that specialize in working with those who have filed for Chapter 7 bankruptcy and offer refinancing options to help them rebuild their credit and achieve homeownership. This article will discuss how to find these mortgage companies and highlight some of the top companies in this niche.

Mortgage Companies that Will Refinance After Chapter 7

When looking for mortgage companies that offer refinancing after Chapter 7 bankruptcy, it’s important to find lenders who specialize in working with individuals facing financial challenges. These lenders understand the difficulties that come with bankruptcy and are willing to assist borrowers in reaching their homeownership goals.

1. Quicken Loans

Quicken Loans is a reputable mortgage lender that provides refinancing options for those who have filed for Chapter 7 bankruptcy. They offer a streamlined application process and competitive interest rates, making them a top choice for borrowers seeking to refinance post-bankruptcy.

2. Carrington Mortgage Services

Carrington Mortgage Services is another lender specializing in working with individuals who have filed for bankruptcy. They offer various refinancing options, including FHA and VA loans, to help borrowers rebuild their credit and achieve homeownership.

3. New American Funding

New American Funding is a mortgage lender that offers refinancing options for individuals who have filed for Chapter 7 bankruptcy. Their team of experienced loan officers can assist borrowers in navigating the refinancing process and securing a loan tailored to their needs.

How to Find Mortgage Companies that Offer Refinancing Options After Chapter 7 Bankruptcy

When searching for mortgage companies that provide refinancing options after Chapter 7 bankruptcy, it’s essential to research and compare lenders to find the best fit for your financial situation. Here are some tips to help you find the right lender:

1. Check with local credit unions and community banks: These institutions may be more willing to work with individuals who have filed for bankruptcy and offer competitive refinancing options.
2. Research online mortgage lenders: Many online lenders specialize in working with borrowers facing financial hardship. Be sure to read reviews and compare interest rates before selecting a lender.
3. Work with a mortgage broker: Mortgage brokers have access to a network of lenders and can help you find a lender that focuses on refinancing after bankruptcy.

FAQs

1. Can I refinance my mortgage after filing for Chapter 7 bankruptcy?

Yes, it is possible to refinance your mortgage after filing for Chapter 7 bankruptcy. Many lenders offer refinancing options for individuals who have faced financial hardship, including bankruptcy.

2. Will filing for Chapter 7 bankruptcy affect my ability to refinance my mortgage?

Filing for Chapter 7 bankruptcy may impact your ability to refinance your mortgage due to its impact on your credit score and financial history. However, there are lenders specializing in working with bankruptcy filers who can assist you in securing refinancing options.

3. How long do I have to wait after filing for Chapter 7 bankruptcy before I can refinance my mortgage?

The waiting period to refinance your mortgage after Chapter 7 bankruptcy can vary among lenders. It’s recommended to wait at least two years after the bankruptcy discharge before applying for a refinance to increase your chances of approval.