Chapter 7 bankruptcy in October 2006. Then a refinance of home mortgage balance next month which is seven years later.
You mean Oct 2012? That's only 6 years.
Credit Fico scores pulled now are 725-714-734. Credit report will show bankruptcy and I understand they look at both the FICO score and credit report. Husband has credit scores of 727-724-734 and his credit report looks better.
Is it possible to re-finance?
You won't get quite as competitive a rate as somebody in the high 700s, but you should do OK.
Home mortgage was reaffirmed and not included in bankruptcy in 2006. However, the mortgage does not show up on either of the credit reports. Is there a reason for it now appearing?
Should I contact the mortgage bank and have them add this history to both credit reports?
Couldn't hurt to ask. They have no obligaiton to report it. If they say no you won't be any worse off.
With regard to refinancing have you given serous thought to the reasons you want to refinance and the consequences?
If you are refinancing the balance to get a lower interest rate and lower payments, that could work. But here's the downside. Figure your closing costs at about 2% of the amount financed. That gets rolled into the new loan (unless you pay cash for the closing costs). And you start a new 30 year period.
I'll give you an example.
Let's say you bought your house in January 2000 for 200,000 at 6%. Principle and interest totals 1199 per month. On top of the 200,000 you paid for the house the total interest over the 30 year life of the loan would be 231,676.
As of today, 141 months later, you would have paid 40,628 in interest and your balance would be 159,372.
Refinance the balance today and add 2% closing costs to the balance and you refinance 162,559 and maybe you get a 5% rate on a new 30 year mortgage.
That brings your monthly P and I down to 872.65. The interest you'll pay over the life of the loan is 151,595. Add that to the 40,628 and you get 192,223 as the total cost of the money you borrowed.
The figures under these circumstances appear favorable if you can get the terms. But the downside is now you have mortgage debt for another 30 years instead of another 18 years.
You can use the following amortization calculator to put in your own figures and see how it works.