Refinance our house and bankruptcy last year?

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We have a 1st and 2nd mortgage. !st is 550 a month 7 percent fixed 30 years with 20 years left. 2nd is 290 a month 9 percent adjustable 30000 with 28000 left . We filed bankruptcy last year. Is their anyone who can help with this problem We would like to put the mortgages together but probably no one will give us a loan. Any help would be appreciated. Thank you

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    May 4, 2011 at 2:36 am

    This is going to depend upon your credit score, if you have re-established any credit in the past 12 months since the BK discharged and most importantly whether or not you have any equity in your home. However, the chances that you are going to be able to refinance into a better situation are slim to none. You have pretty good rates on both of those mortgages right now, compared to where rates are currently at. Even if you take the bankruptcy out of the equation you probably would not qualify for too much better right now, again depending on how much equity you have in the home. If you can tough it out for the time being your best option is going to be to re-establish your credit and work on building your scores up and once your BK has been discharged for 24 months then try to refinance to help your situation.

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