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2 Yrs out from BK7?


bmackay62
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I was DISCHARGED 2 years March 9th.

Am I out of BK7 two years on March 10th, or do I have to wait for the month to roll over to April to qualify as two years? I ask because I am looking to refi the house (loan was a year old on reaffirmed in BK, no late pays ever) and I was told I needed to wait until I was 2 yrs out of BK7.

I have an ARM that increased and need to make a move.

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Have you managed to build new credit, in addition to waiting 2 years, they want you to have established new credit in that period of time.

I don't think it would hurt to ask a mortgage broker what is the exact rule for the 2 years. There is a mortgage section here on this board, I am sure one of the guys can help you.

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Depending on the lender, you may be able to get away with closing the day after your 2 year anniversary. If you apply now, it won't be a wasted pull, your closing may just be delayed until your anniverary has passed. Whatever you do, more than likely the underwriter will want to see a copy of your BK papers.

Something that you can do beforehand though is to pull a copy of your CR and make sure that all accounts that were included in your BK are listed as such and all of the balalnces reflect 0. I've wasted much too much time documenting debts were included that were not coded properly.

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Thanks for the info - I have been re-building my credit now for two years. Have a healthy mix of revolving, installment, mortgage, etc. No lates or negitives since the BK. I have spent a LOT of time cleaning up my CR and fixing TL's with inaccurate BK information. FICOs are all in the mid 600's.

Depending on the lender, you may be able to get away with closing the day after your 2 year anniversary. If you apply now, it won't be a wasted pull, your closing may just be delayed until your anniverary has passed. Whatever you do, more than likely the underwriter will want to see a copy of your BK papers.

Something that you can do beforehand though is to pull a copy of your CR and make sure that all accounts that were included in your BK are listed as such and all of the balalnces reflect 0. I've wasted much too much time documenting debts were included that were not coded properly.

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Thanks for the info - I have been re-building my credit now for two years. Have a healthy mix of revolving, installment, mortgage, etc. No lates or negitives since the BK. I have spent a LOT of time cleaning up my CR and fixing TL's with inaccurate BK information. FICOs are all in the mid 600's.
Good move. Shouldn't have a problem. FYI- I was told it was 2 years from date of discharge. And they wanted to see three tradelines (credit re-establishment). In the end, I went FHA anyway so it didn't really matter. But no one ever inquired as to why I BK'ed or asked to see any papers. Had they asked, I would have gone to another lender.

FYI- now is a great time to refi. Rates are coming down.

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