If you were lucky enough to save your home during the bankruptcy process, you may wonder what it will take to be able to refinance and start fresh with a new mortgage. Here are some facts about refinancing after a bankruptcy to help you:

You will need to be two years removed from your bankruptcy to be considered for a refinance loan by conventional lenders backed by Fannie Mae or Freddie Mac. For Chapter 7 bankruptcies, the two years start the day after your bankruptcy is discharged; for Chapter 13 bankruptcies, your two years start the day you file.

Thankfully, the mortgage industry has other options to assist you. Most mortgage brokers have access to wholesale lenders that require far less than the two years bankruptcy seasoning. In fact, there are many sub-prime lenders who will fund a loan for you the day after your Chapter 7 bankruptcy is discharged. Other sub-prime lenders offer refinance loans as a way to satisfy your Chapter 13 bankruptcy and get it discharged.

The most important factor in refinancing your mortgage after a bankruptcy is your mortgage payment history. After a bankruptcy it is imperative that you do not make any 30-day or greater late payments. With twelve months of perfect payment history, you will show prospective mortgage lenders that you are serious about reestablishing your credit. It is of the utmost importance to prove that you are serious about paying your mortgage on time.

Although filing a bankruptcy is an extreme financial move that nobody wants to make, you should not feel that you are doomed afterwards. Within one to two years of solid payment history, most doors will be reopened to you.

Reputable Poor Credit Refinance Lenders - We maintain a list of recommended mortgage companies online and update the list regularly.

Mortgage Tips for Poor Credit Borrowers- Here are some tips for getting a mortgage loan with poor credit.

Source: www.articlesphere.com