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Refinance IIB FHA

The last post in this topic was posted 2842 days ago. 

 

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My current mortgage was IIB and not reaffirmed, I did not pay during my proceedings, as I figured I would walk away but later changed my mind. After d/c the loan issuer gave me an agreement (which did not put me back on the hook btw) just to pay my old payment with a little extra per month to cover the delinquent balance until that is paid - so I am basically paying to stay.

 

I asked if I could refinance the existing loan - they said no because of the agreement, is this true? You can see my current scores in my siggy - but am I not able to do an FHA refi?

 

I know I can't buy a NEW home until 2 years dc/3 years FC, but I just want to refi my current FHA to restart the 30 years which would include the delinquent balance from before and during my BK proceeding.

 

Doing this would lower my rate and yes put me back on the hook for the home, but my rate was 4.75% and with the rates so low, I figured there had to be a way to do this.

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You are correct on the time frames for BK and foreclosure

what you did was a forbearance agreement - this is considered the same as a foreclosure so it will be 3 years from that agreement.

They are correct saying they cant do anything for you at this time.

Sorry not what you were hoping to hear

B

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You are correct on the time frames for BK and foreclosure

what you did was a forbearance agreement - this is considered the same as a foreclosure so it will be 3 years from that agreement.

They are correct saying they cant do anything for you at this time.

Sorry not what you were hoping to hear

B

Thanks Brian - so there would not be another company that would do this for me?

 

The only two goals are to: have a mortgage reporting again, and to get the current FHA rates.

 

The agreement is for 69 months, so I could refinance it in 3 years from the start of the agreement or 3 years from the time the agreement has been fulfilled (69+36 months)?

 

Or since this is treated as a foreclosure, could I just buy a new home in 3 years?

 

Thanks for your help.

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You will have to do whatever makes sense for you

No FHA lender will be able to get this done for at least 3 years from when the agreement started

it does complicate things that the home was included in the BK - it would likely be a lot easier to refi than to buy

B

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You will have to do whatever makes sense for you

No FHA lender will be able to get this done for at least 3 years from when the agreement started

it does complicate things that the home was included in the BK - it would likely be a lot easier to refi than to buy

B

Hi Brian, after d/c of chap 7 on 7/2010, we kept our main home by continuing to pay (ride-through I think is what this is called) and have been on time for life of loan. Our 2nd home was surrendered in the BK and then foreclosed in 12/2011. BofA (lender on main home) sold our loan to another lender recently, and the new lender solicited me to try FHA streamline refinance. I spoke to two reps there who stated that the refi is similar to a HARP but instead for FHA loans due to recent easing of requirements. I told them both my story and they advised due to my clean history for this loan that they have taken over, that I could still potentially qualify. They indicated it is still possible even with the BK and foreclosure of the other home, although foreclosure is only about a year+ out. I am wondering if I am wasting my time as they were not pushy or anything, but did indicate the wouldn't try to do the streamline if it weren't possible. So I am trying it anyway. Do you think it may be possible? I submitted the required docs a few days back and will report on what happens down the road here. Thanks for any response or feedback!!

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