If you are considering remortgaging your home after Bankruptcy, there are many factors to consider in the decision making process. Here we discuss some of the essentials topics that will enable you to decide if releasing equity from your home is your best option.

Becoming bankrupt

If you are in a bad debt situation and are thinking of declaring yourself bankrupt, then the first thing you should do is get legal and financial advice to make sure that this is your best option. Don’t leap ahead to thinking about refinancing after bankruptcy if you haven’t even decided if bankruptcy is the best thing for you.

Once you have taken the decision to become bankrupt, or you have been declared bankrupt by your creditors, you will need to take some time to deal with the immediate consequences of bankruptcy and work out your next moves. Think about what you want to achieve in the future. If your house has had to be sold, or part-sold in order to clear your debts, then you may want to look into mortgage refinance after bankruptcy so that you can see what your options are.

My options

If you have been declared bankrupt, but your period of bankruptcy has ended because all your debts have been cleared, you can look at your options for the future. These might include:

-Employment. If you were self-employed before bankruptcy, then you may want to consider being an employee. This can remove the stress of self-employed earnings and can also put you in a better position when it comes to applying for loans or mortgage refinance after bankruptcy.

-Debt. The experience of being declared bankrupt should have convinced you to take a different attitude to debt, and make sound financial plans, with help and advice where needed, to ensure that you don’t run into such big problems again.

-Restrictions. Expect some restrictions to be placed on you, even though you have been discharged from bankruptcy. Most credit applications will ask if you have ever been declared bankrupt and you must answer honestly. Your chances of getting a loan at standard rates may be affected by your bankruptcy for some time.

-Advice. Even after your period of bankruptcy is over, it is worth retaining some of the advisers you had to use. Not only will they know your financial background, but they should be well-placed to advise you in the future.

Getting Advice

If you are thinking about mortgage refinance after bankruptcy, then all the above considerations apply to you. A mortgage lender will want to know that you are serious about not returning to a position of bad debt and they will also be reassured if you are in full or part-time employment. There will be restrictions placed on you because of your credit history and you will need professional mortgage advice to ensure that you get the best mortgage product for your needs. If you don’t already have a mortgage adviser, then talk to an experienced mortgage broker who can talk you through the mortgage refinance products that are available to you, and advise you on how to approach your application to get the best results. Whilst getting mortgage refinance after bankruptcy is a good idea, because it can give you access to lower interest rates than some other mortgage deals, you will need to take advice to make sure it’s the right route at the right time.

Elizabeth Grant writes exclusively for The Mortgage Broker specialist websites. To read more of Elizabeth’s articles on Adverse Credit Mortgages please visit the Adverse Mortgage Centre.
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Chase Eminent Default/Loan Modification Protocols

JP Morgan Chase being one of the largest loan servicers in the country has a slew of programs that are available to borrowers in need of mortgage assistance. Very much like the vast majority of other lenders in the country Chase is apprehensive to award assistance to a borrower that is current on their mortgage. Their point of view, if it isn’t broken don’t fix it. In other words if you are making your payments and paying them the interest as outlined in the original note, what is their incentive to reduce their profit.

With that though in mind, there are various stages of delinquency on a mortgage loan that affects the manner in which your file is handled at Chase. When a loan is current to 60 days delinquent it will be serviced within their Eminent Default Department. While it may appear as though they are making great progress within this department, it is important to understand that the file will be closed and all progress will be lost when it is transferred from them to Loss Mitigation, whom handles loans that are delinquent in excess of 60 days.
 
Borrowers should always try to submit payments to the best of their ability when being reviewed for assistance, largely because loan modification is never a guarantee and borrowers need to always have an exit strategy during this process. I have seen every scenario, borrowers that have made their payments and stayed within 60 days delinquency and others whom have continued to fall further behind.

My experiences with Eminent Default have been less than productive to say the very least, they seem to intentionally delay the process to pressure borrower to submit and reinstate the loan. Progress can be made with the Chase eminent default dept however you may be best waiting until the loan transfers to loss mitigation.

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About the Author:
The author has been on the front lines of the “economic crisis” since the beginning and continues to fight for consumers nationwide.
 
Northeast Settlement Group Inc866-794-1869 Toll Free
 
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Are you over your head in your home loan with HSBC? Each month, you wonder if you will be able to stretch your budget and pay that house payment. You may be leaving other bills and obligations unpaid or late in order to make your mortgage payment on time. Or, you could already be in default, waiting helplessly on the inevitable foreclosure to take place. Did you know that a HSBC Loan Modification through President Obama’s Making Home Affordable Program could possibly help you afford to stay in your home?

Click here to get loan modification help today!

This federally-funded MHA program is part of the 2009 Stimulus Package. It will be in effect until December 31, 2012, helping homeowners avoid foreclosure. Luckily, HSBC is participating in the program; they are on the approved lender list.

If you meet the eligibility guidelines for the program, you could apply through HSBC to have your loan modified. This involves changing the terms of your original loan to get your monthly payment down to 31% or less of your gross monthly income. This payment amount would include your taxes, insurance, and even homeowner’s association dues! That could make your home much more affordable, could it not?

There are, as usual, some specific guidelines for this program. The loans must be serviced or backed by Fannie Mae or Freddie Mac in order to even be considered. If your loan doesn’t fall under this or other specifications, you could possibly negotiate a traditional HSBC Loan Modification through the hardship programs they might have available at that time. These programs do not usually afford as favorable terms as the Making Home Affordable Program.

For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today

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About the Author:
Christine Clover is a loan modification expert. She has written hundreds of articles on loan modification. She has taken the initiative to help distressed homeowners save their home.
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