Questions & Answers
Get the answers on home selling and buying.
Bankruptcies & Foreclosures - Q & A
Q: Can I refinance after
bankruptcy?
A: Refinancing may be prudent but could be difficult after a bankruptcy.
If you're considering bankruptcy, you may want to go to your current
lender first and explain the situation. If you have been current
on your payments, the lender may be accommodating and refinance
your loan, easing your financial situation.
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Q: How long do bankruptcies and foreclosures stay on a credit
report?
A: Bankruptcies and foreclosures can remain on a credit report
for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished
good credit. The circumstances surrounding the bankruptcy can
also influence a lender's decision. For example, if you went through
a bankruptcy because your employer had financial difficulties,
a lender may be more sympathetic. If, however, you went through
bankruptcy because you overextended personal credit lines and
lived beyond your means, the lender probably will be less inclined
to be flexible.
CONTINUE
Copyright 1999 Inman News Features
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Frequently
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