Refinancing After Bankruptcy in California
Refinancing Options In California
California has generous housing exemptions for its state bankruptcy laws, so many filers opt for Chapter 7. Otherwise, filers choose Chapter 10 with its repayment plan. In both cases, you can keep your home if you have a small amount of equity.
Depending on where you live, that equity may have significantly increased with the rapid rise in California home prices. Sub prime lenders will help you cash out part of that equity with a second mortgage or line of credit.
Rebuilding Your Credit By Borrowing
The only way to rebuild your credit score is to create a positive payment history. With a line of credit, you can use your home as collateral for a low interest loan. By just using a little credit each month and then paying it off, you can have a good credit score in two years.
If you need a loan for home repairs or other needs, a second mortgage allows you to cash out part of your home's value while keeping your low rate first mortgage. Second mortgages usually have higher rates but shorter terms. While making on-time payments will help your credit, it's better to start with a secured credit card.
After a couple of years after your bankruptcy discharge, consider refinancing for a prime loan. By this time, your credit should be in good standing, so you can qualify for low rates on any type of financing.
Researching For Low Costing Financing
Before signing for any type of financing, research loan offers ahead of time. As for a loan estimate that includes rates and fees. Be honest with lenders about your credit history so you get realistic numbers to compare.
It is especially important that you take the time to read the fine print of any loan offer when you have a bankruptcy on file. Too many lenders would take advantage of you by charging excessive fees.
Related Tags: bankruptcy, mortgage refinance, refinance loan, california
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