We love our home but...
LoanSafe Member
Hello - we are going to be refinancing our home loan. It was modified via HAMP in 2012. We had also filed for BK7 in 2012 and that will fall off our credit reports this July (so we are waiting until after that). We also have a 2nd, also modified. Both were and are current and were "ride throughs" during the BK. (We kept paying on our 2nd despite advice here because we knew we were planning on staying in our home for the long run, and I'm now really glad we did).
Couple of questions. Is there anything in particular we need to know or be aware of with a refinance after HAMP? I'm assuming no... We do plan on taking cash out (paying off our daughter's student loans and our parent plus loans, and doing some repair work on our home) but will still be way under loan to value after that - less than 50%.
Also, with interest rates rising, I am wondering if it's better to just refinance the 2nd and leave the 1st as is? How do I know which is better? I can't find any calculators to help me figure this out and when it comes time to apply, we need to know what we should be applying for.
Couple of questions. Is there anything in particular we need to know or be aware of with a refinance after HAMP? I'm assuming no... We do plan on taking cash out (paying off our daughter's student loans and our parent plus loans, and doing some repair work on our home) but will still be way under loan to value after that - less than 50%.
Also, with interest rates rising, I am wondering if it's better to just refinance the 2nd and leave the 1st as is? How do I know which is better? I can't find any calculators to help me figure this out and when it comes time to apply, we need to know what we should be applying for.