The first stage is to quickly regain control of your financial situation. You must then maintain its functionality for the following six months. This may sound obvious, but it is likely that you are participating in some form of credit counseling as part of the bankruptcy settlement. This is an excellent opportunity to prioritize what is essential. It will also help you eliminate unnecessary expenses and instill the discipline required to pay off your debts.
A component of this discipline is maintaining current mortgage payments. At the conclusion of six months, you should have an impeccable mortgage repayment history. This will indicate to lenders that you are trustworthy and increase your chances of obtaining a refinance offer.
A second alternative is to obtain a new credit card. This card may not have a great interest rate or credit limit, but it can help you build credit. This will result in a more favorable refinancing arrangement. Use the credit card sparingly and pay it off every month to demonstrate your credit discipline.
You should endeavor to maintain a bank account that is stable and never overdrawn over the course of six months.
By taking all of these steps, you can significantly improve the appearance of your mortgage refinance application and increase your odds of securing a favorable refinance deal. The primary purpose of these measures is to demonstrate to financial institutions and lenders that you have overcome your financial difficulties and are a safer investment.
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