Since this loan is secured, the interest rate of these loans is very low as the risk of the lender is highly reduced. If you do not pay, then your home lender may foreclose and seek to obtain legal title to your house. Mortgage Payments provides detailed information on Mortgage Payments, Calculate Mortgage Payments, Bi-Weekly Mortgage Payments, Mortgage Payment Protections and more. This will happen as long as all your payments have been reported as on time to the credit bureau since your bankruptcy. Instead, bankruptcy rules actually confirm the foreclosure process by saying that you pay secured loans or lose the property which secures the loan. In addition, you will need to provide a down payment. Refinancing mortgage is mandatory whenever you apply for a secured loan. This horrendous situation for a house owner that find themselves in is that if they remain passive and do nothing to prevent foreclosure then they might find themselves selling there property so low that they will be left with such a shortfall that they will have no option but to sue for bankruptcy. To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Sources for Bad Credit Mortgage Loans. If there is a huge reduction in the interest rate, then you should go in for it. If you do not have the money for a down payment then you can consider borrowing from relatives. (There are exceptions for personal property, but not real property.). Mortgage payments are calculated as equitable monthly installments that borrowers have to pay towards their mortgage. Since your loan now seems not 'risky', the lender will reduce not only the interest rate but also the mortgage term. You can improve the terms and conditions of your loan by repairing your credit. Since this loan is secured, the interest rate of these loans is very low as the risk of the lender is highly reduced. Often, when people get behind on their mortgage payments, their mortgage lender requires a lump sum payment of the arrearage. Using this secured loan, you can pay off all your previous loans. Most mortgage lending companies choose to wait for at least two years after bankruptcy before considering such borrowers for a mortgage loan. Even though you have recently filed for a bankruptcy, you can get the finance you are looking for with the help of mortgage refinance. First, there are two fundamental bankruptcy rules which apply to mortgages:. Credit card debt.) You may default on your loan and go bankrupt. However, there is still hope for being approved even with a recent bankruptcy. Credit card debt.) You may default on your loan and go bankrupt. The Chapter 13 bankruptcy rule which helps most with mortgage foreclosure is the rule which allows you to pay the mortgage arrears over a period of time. First, there are two fundamental bankruptcy rules which apply to mortgages:. Since your loan now seems not 'risky', the lender will reduce not only the interest rate but also the mortgage term. By searching around you will likely find a lender willing to help you with your mortgage loan.