A new mortgage loan could provide a fresh start. Bankruptcy provides a legal method that enables consumers to restructure or reduce the balances owed on certain past-due debts. If your bankruptcy plan is currently dismissed, you may be eligible for a refinance loan. However, most lenders have various credit guidelines for determining an applicant's qualification after bankruptcy. You can speak with a variety of mortgage lenders about refinancing your home loan.Difficulty:Moderate1 Re-establish your credit rating. Pay your creditors as agreed following a bankruptcy dismissal. Obtain additional credit until you have approximately three or four items that report toward your consumer credit profile. Maintaining a mix of positive credit references could help you restore your credit rating and credit score. Items such as major credit cards, secured credit cards, secured bank loans and auto loans could be instrumental toward building a stronger credit profile. Visit the Annual Credit Report website to check your credit online.
2Contact a mortgage broker and mortgage lenders in your area to discuss your refinancing options. Typically, a mortgage broker has a variety of loan programs and multiple resources that might consider your loan request. Inform the loan representative of your desire to refinance and provide details about your dismissed bankruptcy, such as the dismissal date and your initial reason for filling the bankruptcy petition.
3Complete a loan application and other lender-provided documents to begin the loan qualification process.
4Submit a copy of your bankruptcy dismissal letter, W-2 forms, bank statements, pay stubs and tax returns for the previous two-year period. Your lender should be able to determine if you are eligible to refinance or provide assistance toward positioning you to refinance at a later date.
Contact a HUD-approved lender if you have difficulty securing a mortgage loan.
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