Payments in the last 12 months are reported on your credit report. The BK 7 and the previously late payments will continue to show on your credit report, but eventually your ontime payments will be the ones showing. You may be able to get a statement that the house was redeemed in the bankrupcy, but all late notices for the past 12 months and/or a notice of foreclosure will remain.
Better consult an Attorney in your jurisdiction for the same.
When you fill out the forms for the bankruptcy, make sure that you "reaffirm" the mortgage. That means that you will continue to pay the mortgage as agreed. The bankruptcy trustee that will be assigned to your case will guide you through the rest. HIRE AN ATTORNEY!! IF you own a home,,,NEVER go it alone for a bankruptcy.
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
Great question for your BK attorney
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.