If you are just coming off a bankruptcy then you perhaps still have a mortgage and want to refinance. Refinancing after bankruptcy is not going to be as easy a process as it would have been if you were applying without the bankruptcy but the truth is that you can still be able to refinance as long as you can find a lender that is willing to work with you, and as long as you can take the necessary steps to improve your entire refinancing application over time. Your credit score is probably in the dumps after your bankruptcy and this will make it more difficult to get approved for almost any sort of refinance loan. Mortgage refinancing after bankruptcy is about getting approved and saving money, and unless you take the steps to improve your credit then you will be limited to bad-credit, and sub-prime lenders that will still be able to work with you but at a higher cost.

You can still have a chance at refinancing your current mortgage but it will be heavily reliant on the rest of your application and you will end up spending more in terms of interest and fees than if you applied to a more conventional lender with these sorts of sub-prime lenders. What road you take after your bankruptcy will depend primarily on your willingness and patience to improve your credit, and if you don't want to put in the effort or wait for a couple of years until your credit is back to normal then you probably are going to be limited to these sorts of sub-prime lenders. This isn't necessarily a bad thing, and as long as you don't mind working with such lenders then you will still have a good chance at getting approved for your refinancing loan after bankruptcy.

So once your bankruptcy is over you must decide on what path you are going to take. If you don't want to improve your credit then you can apply to a sub-prime lender and take your chances. These sorts of lenders will be able to work with you, but at an increased cost when compared to a more conventional lender. These kinds of lenders will be able to provide you with a better interest rate and less fees the farther it has been since your bankruptcy, so it is still wise to wait until at least a few months have passed after your bankruptcy before you apply so that you can get the absolute best deal from these sorts of lenders.

If you do want to improve your credit then you have many more options because contrary to popular belief refinancing after bankruptcy does not have to be limited to these sorts of sub-prime lenders. The majority of conventional lenders will still work with a person who has a bankruptcy on their record as long as they can wait for about two years before applying so this might be the best option if are willing to be patient.

You most likely want to refinance to save money or gain access to the equity that you have built up in your home. In this sense refinancing after bankruptcy is not any different than refinancing without a bankruptcy and many times refinancing with a sub-prime lender will not save you money. This is because the interest and the fees that a sub-prime lender will charge you will probably be higher than your previous mortgage, so while you may be able to get approved by these sorts of lenders even after your bankruptcy often times it is not as worthwhile as it would be if you were to wait and take the time to improve your credit and apply to a more conventional and reputable lender. The choice is up to you—you can take your chances with the sub-prime lenders or you can hold-off and apply to more conventional lenders once you have your credit back on track. Refinancing after filing for bankruptcy is not an easy thing to do but at the same time it is not completely impossible, so determine your path and then apply to find out where you stand.

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