I recently filed bankrupcty Oct 2005, I owe 78,000 on my house, it's worth about 80,00 as is, fixing it could get me more. However, my payments are 909.00/mnth and my interest rate is 10.5%. I'm would like to sell my home and get a better mortgage, how long should I wait and what would I need to get a better interest rate?
In need of help
Tracy D of Philadelphia, PA

Sweetie... the odds of you being able to purchase another home after filing bankruptcy are pretty dang slim. If you had a 10.5% interest rate, refinancing would have been an option instead of bankruptcy. That is going to stay on your credit report for 10 years, and sometimes it doesn't get wiped off there even then.

How long is current mortgage for? You might want to see if you could get a longer one to decrease payments until rating is better. It doesn't seam like you have a 30yr. One. Plus if you get a 30 year one and make one extra payment a year it knocks 7 years off payoff. I refinanced 4 years after BK.