refinance 16 months after Chapter 7

L

lookingfor help

LoanSafe Member
We had a chapter 7 that was discharged in April of 2021.

We currently owe 282,000 and our home appraises at about 460,000 . Current interest rate is 4.625

We have about 5,000 in medical bills in last 6 months and about 15,000 in credit card debt we would like to put on a HELOC or refinance .

We have been told there is nothing we can do until at least 2 years from discharge ?
Our current interest rate is 4.625

PNC has told us that even though we are way under the 80% mark of equity we have to pay PMI for 5 years (they say because of Fannie Mae ) because we did not make full payments when going thru reaffirmation of loan during Chapter 7. Is this correct ?
 
S

Survivor_IN

LoanSafe Member
Lucas Bayón has a thread on Old Second Mortgages in these forums.

I'm not an expert but I see a couple options such as re-opening BK to cure additional med/credit debt or waiting for the passage of 2 years in order to qualify for an equity loan or refinance. Also consider that rates are rising and what you have may be worth keeping.
 
L

Luca Bayon

LoanSafe Guide
Survivor_IN said:
Lucas Bayón has a thread on Old Second Mortgages in these forums.

I'm not an expert but I see a couple options such as re-opening BK to cure additional med/credit debt or waiting for the passage of 2 years in order to qualify for an equity loan or refinance. Also consider that rates are rising and what you have may be worth keeping.
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Thank you for the shoutout, Survivor!
 
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