Can you buy a home after filing bankruptcy if the current mortgage was not included in the bankruptcy?
Bankruptcy. A Chapter 7 bankruptcy (liquidation) does not disqualify a borrower from obtaining an FHA-insured mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. The borrower also must have demonstrated a documented ability to responsibly manage his or her financial affairs. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner. Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time). In addition, the borrower must receive permission from the court to enter into the mortgage transaction. You can buy anything you want. But getting a loan is a different story. You should understand the difference. All things, including your mortgage HAD to BE included in your BK or you committed fraud and lied to the court Criminal acts. Also not good for getting anyone to loan you money. In today's and any reasonable expectation of the future's lending environment...where even excellent credit and history requires scrutiny and more...you, a bankrupt that hasn't paid prior obligations nor apparently even understand that you don't actually buy and own something until you pay for it...have little chance of finding someone to lend you money for some time. Well, maybe at much more of a cost than those that understand these basic concepts would agree to pay and know they could afford. You now become a good mark for predatory lenders. The 2nd answer above seems to be more of a moral answer than a legit answer. The reality is that you CAN file bankruptcy and keep the mortgage outside of the bankruptcy. We help clients every single month that have had the misfortune of filing either a chapter 7 or chapter 13 bankruptcy obtain a mortgage financing. These are FHA-insured mortgages that are 30 year FIXED rates with low closing costs! After all the costs are regulated by HUD.
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You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idio…t on here. (MORE)
Normally, a debtor can file bankruptcy on credit cards and keep their home, but cannot file bankruptcy on any mortgages and keep the home since even a second mortgage holder has the right to foreclose if they are not paid (this is of course assuming there aren't other issues in the case, such as too… much equity to keep the home, credit cards recently incurred that are declared non-dischargeable, being behind on mortgage payments, etc.). However, the laws of the particular district in which a debtor resides may provide some exceptions to this general rule. You can get rid of a second mortgage and still keep your property if you file for Chapter 13 bankruptcy. If the debtor can show that the second mortgage is completely unsecured (i.e. the debtor owes more on the first mortgage than the real estate is worth) then you can file a mortgage stripping where the second mortgage is stripped of its lien on the property and you can pay a smaller percent on the mortgage than if it was a secured debt. (src: http://bankruptcylansingmi.com/utilizing-bankruptcy-remove-second-mortgage/ ) This same case law is not applicable in other jurisidctions, so one would have to investigate the laws of their particular district to see what options their jurisiction provides. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person but my opinion is that you should immediately consult with a chapter 13 bankruptcy attorney. (MORE)
Can you get financed for a mortgage if you are a first-time home buyer but filed Chapter 7 bankruptcy?
Yes, if it's has been more than 2 yrs. since your bankruptcy and you've paid all your current bills on time. Answer I am a mortgage banker and I've made helping people with bankruptcies my specialty. I'd like to correct the person who posted above me, for an FHA loan you must wait 2 years after d…ischarge. But you do NOT have to wait 2 years, you can actually qualify for up to 100% financing 1 day after a discharge of your bankruptcy, literally a single day out of discharge. You can also qualify for a loan while you are still in a chapter 13 re-payment program as little as 1 year from your filing date. You don't have to wait until your chapter 13 is paid off to get a loan or refinance your existing one and the best part is that you can payoff your chapter 13 balance during the refinance using equity from your property. (MORE)
Can you keep your home after filing bankruptcy if you have a second mortgage if you want to reaffirm with your first mortgage?
Answer . \nWhether or not a home is forfeited depends on the state or federal homestead exemption, and if the lender is willing to reaffirm the loan agreement. Second mortgages are considered secured debt and have the same legal standing as first mortgages.
Answer . Yes, however most homes will be protected by the state or federal homestead exemption. It is important to ascertain if the homestead exemption for the resident state is automatically granted under the state laws or must be filed by the home owner. The amount of the homestead exemption is… also of importance when deciding whether to file a chapter 7 or 13.. Answer . When petitioning for your own bankruptcy it is essential that you disclose all your assets and liabilities, including your house if you own it. (MORE)
\n. \n Answer \n. \nIt is possible to buy a home after filing and/or completing bankruptcy. Some companies supposedly have programs that allow 100% financing a day after discharge date or 2 years from filing date. You must also meet other guidlines but to determine if you qualify. If you hav…e filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding. (MORE)
Hi. There are "No Credit Check Mortgages" but they have a higherinterest rate and you have to put 25% down on the price of a house.Yes you can. The key is ....did you include your installment loans(autos/previous mortgages) in with your bankruptcy? If not, theylender will look favorably on that. If …you did, then your best wayto rebuild your credit is to put as much money into CD's at yourbank and then borrow against them. As long as they report the loanto the credit bureau, you will have installment credit startedagain. DON'T pay them off early. Lenders are looking for a paymenthistory. The best advice is for you to wait until your bankruptcy isdischarged and you have recovered your financial health. Savings,financial education and advice are all useful to allow you to buildyour financial life on more solid ground. Avoid borrowing since itwill allow you to get ahead of yourself. Take the time to do thisright, and you will have no regrets. (MORE)
Answer . \nA primary residence is a "secured debt" and is very rarely forfieted in banruptcy proceedings unless the borrower is unable to reaffirm the loan with the mortgage lender. In most cases the homestead exemption will protect a residence, this does not however apply to a foreclosure.. Ans…wer . \nyes you can stay with your home as long as you did not listed the mortgage as one of you debt to be discharge.. (MORE)
If you are a landholder on a home and the person files bankruptcy will they be able to include the debt they owe you into the bankruptcy?
Answer . \nThey can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.
Answer . \nIt will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
Mortgage After Bankruptcy . You can, but you will get HORRIBLE financing! The BEST solution is to have the BK deleted. . Answer . Certainly but because you defaulted on your debts the lender will charge you a higher interest rate and may demand more collateral or equity in the property due t…o the increased risk (MORE)
Answer . The credit card debts were (doubtlessly) incurred honestly. The cards were used to make purchases and, in accordance with the cardholder agreement, the cardholder agreed to pay the issuing company for the things that were bought, plus interest. Use of the card means the cardholder owes t…he card company. It's just that simple. Now the cardholder wants to make a case in court to justify why the debt cannot be settled. The court is obligated to consider the facts. All of them. And apply the law to the facts. If a person has credit card debt, he can't simply declare an inability to pay them and fairly expect the credit card company to write off the debt. If an individual owes a debt and cannot (or will not) settle it, his assets can be attached. That's the underlying idea, like it or not, and the court will operate from this premise. Laws vary from place to place, but the basics are the same. If someone owes you a considerable sum and cannot or will not pay, you'd go to court to collect it and expect the court to force the individual to pay or to forfeit assets to make good on the debt. Why would the reverse situation, this situation right here, not be the same? Bankruptcy offers indebted individuals some options for damage control, but these are best sorted out with a professional. There are many of them, and they know the state law as regards sorting these things out. Most of them will offer free or low cost advice, at least upon an initial consultation, and their knowledge and experience should not be sold short. None of this is legal advice. It's common sense. Lastly, if I cut my finger, I wash the cut and apply a band aid. If I break my leg, I go to the doctor (or emergency room physician) for treatment. The more substantial the consequences of a given situation, the more inclined one should be to seek out professional services. (MORE)
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
you can have a car in your name as long as the retail value in $500.00 or less. I know this because I just filed and my lawyer just told me that**** Second answer: This is serious business. You really should check with a local lawyer - I think that Bankruptcy is governed by Federal law, but diff…erent states may have additional protections for their residents. As far as I know, you can get a car if you need one, as long as it isn't a Maserati or a Porsche, without looking as if you're abusing the bankruptcy code. (A finding of abuse will probably mean denial of bankruptcy relief). (MORE)
Lets start with a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own. . Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has… a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets. But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets! Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions. (MORE)
Lets start with a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves everything you owe and everything you own. . Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has… a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets. A mortgage is simply a debt secured by the house. (The reason that is done is to make sure they can get paid. No you can't go BK, get rid of the debt and keep the house. If that was the case, should bought a better house! Of course, no one would lend money for someone to do so) But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets! Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.. (MORE)
Bankruptcy can eliminate a mortgage debt however normally bankruptcy is not necessary to eliminate a 1st trust deed. The home simply can go back to the lender in a foreclosure. Bankruptcy may be necessary to resolve a 2nd mortgage or trust deed. A 2nd trust deed will not normally bid at a foreclosur…e sale and it will become a unsecured debt which can be discharged in bankruptcy. Under chapter 13 bankruptcy if the home is worth less than the first trust deed it is possible to eliminate the 2nd trust deed completely. You must see an experienced competent bankruptcy attorney to accomplish this. ans Bankruptcy involves everything you owe and everything you own. No exceptions. YOU DO NOT PICK AND CHOOSE. Basically, all your assets are used to pay your all debts. Obviously, it is unfair, and not the intention of BK to let you keep the assets of value you want, and escape paying for the things you don't want to pay for. Nor can one debtor be treated preferentially to others. After all things are listed, they are given different legal priorities. Somethings of each are excluded (like your personal furniture can't be taken, nor can child support be discharged). They must be listed to be given the proper handling by the court. Not doing so has severel very bad implications: First, you swear to the court that you are doing so and not doing is a criminal act, prosecuted as fraud. Anything not listed isn't protected...and the entire case can be dismissed. The proceeds from assets that a secured debt are attached to, like a mortgage to a house or car loan to the car, are first entirely used to pay those specific debts. any excess still owed becomes an unsecured claim against all the other assets. In a C-13 a payment plan encompassing all the debts is made and administered by the court....if at the end of the plan a debt is still owed it may be discharged, although secured loans still have the asset to turn to and sell for recovery. (MORE)
You need to find both financial and legal advice. This would be a poor financial move. And obviously, you have creditors that have a claim on any money you would use to buy the house, that you should be paying first. If your near BK it's unlikely your credit is great, getting a mortgage, especia…lly with the turmoil in the mortgage industry, will be virtually impossible and terribly expensive. You apparently don't understand that BK involves everything you owe and everything you own. And may not protect any transactions you have done in the last few years. The house would become part of your bankruptcy and taken to pay debts. (MORE)
Bankruptcy involves everything you owe and everything you own. No exceptions. YOU DO NOT PICK AND CHOOSE. Basically, all your assets are used to pay your all debts. Obviously, it is unfair, and not the intention of BK to let you keep the assets of value you want, and escape paying for the thing…s you don't want to pay for. Nor can one debtor be treated preferentially to others. After all things are listed, they are given different legal priorities. Somethings of each are excluded (like your personal furniture can't be taken, nor can child support be discharged). They must be listed to be given the proper handling by the court. Not doing so has severel very bad implications: First, you swear to the court that you are doing so and not doing is a criminal act, prosecuted as fraud. Anything not listed isn't protected...and the entire case can be dismissed. The proceeds from assets that a secured debt are attached to, like a mortgage to a house or car loan to the car, are first entirely used to pay those specific debts. any excess still owed becomes an unsecured claim against all the other assets. (MORE)
Lets start with - a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own. It is not limited to some aspect - like medical debts or credit cards of your life. . Some certain things may be exempt (or treated specially) from being use…d to pay a debt, and some debts may not be able to be cleared (like child support, student loans). A secured debt, that is one that has a right to a certain asset (like your mortgage on the house), has first call on the funds from the sale of that asset....and if that isn't enough, any additional amounts due that lender can be claimed as unsecured debts owed, and provided by other assets. But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets!. YOU MUST INCLUDE EVERYTHING...no the law won't help you to keep what you want and not pay what you don't want... Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions. (MORE)
yes, but it will depend on what you have done since the bankruptcy and of course the lower your score, the higher your interest rate will be. Best thing is to clean up your credit as much as possible and get some revolving and installment accounts. Keep them in good standing. You will need cash down… too in this market. (MORE)
You MUST include everything you owe AND everything you own. No choice or picking and choosing.
Can you buy an automobile just prior to filing bankruptcy and not have it included in the bankruptcy or will it be include also?
Everything...that is all debts and all assets are included.. Different priorities are given to each (some, few, things are classifed exempt)...and one is used to satisfy the other.
Yes, but the effect on the liability for the mortgage may keep you from discharging the liability for the mortgage. Consult a local bankruptcy attorney.
It is, like everything you owe and everything you own, included. Must be. Again, in BK everything is in...no pick and choosing. You cannot go Bk on the mobile alone. Or leave the car out. What you own is used to pay what you own.. (Yes, some things, like household goods, work tools, and others are …exempt from being used and things like Child Support, exempt from being "discharged") (MORE)
doctor bills,electric.phone,cable,cell phone,water,gas,oil,credit cards,loans,car that are repo the money left on them, personal people you owe money to , IRS only stops the intrest you can't put student loans on.
The person filing BK MUST include all assets (the house) and all liabilites (the mortgage)...must..not an option. How it effects the other owner(s) depend on how they own the property and mortgage on it. Jointly ot In common are the two primary ways. Either way, it will effect you....and it is likel…y you would have to essentially buy out the others interest to most easily resolve the situation. (MORE)
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
You and your ex-husband own a home together. He is the primary and you co-signed the mortgage. You are current on the mortgage and he is filing bankruptcy. How are you affected?
You need to have your situation reviewed by an attorney who can review all the details and who is knowledgeable in the areas of real estate law and bankruptcy.
How can a civil judgment be placed after bankruptcy Mortgage included in bankruptcy and after discharge bank filed civil judgment for amount of mortgage Can they do thid?
Assuming a Chapter 7 was filed, if you did not surrender the property to the bank, the bank would file for relief from stay and be able to pursue foreclosure. If you surrendered the property, the mortgage balance was discharged and the bank was in violation of the automatic stay. A notice of the …bankruptcy should have been filed with the court the bank sued you in. You cannot ignore legal procedures taken against you after a discharge. You have to respond appropriately. (MORE)
You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work o…ut a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home. (MORE)
You cant have both concurrently. I know most servicers and Fannie guidelines for loan modifications do not allow a loan modification while in Bankruptcy. There is a bill floating around congress that would allow Bankruptcy judges to do cram downs and modifications of loan term in Bankruptcy court. T…his would be the most practiable way, However there is a huge lobby for the banks that dont want this bill passed. Do the mod, then file the BK. I'm assuming your filing a Chapter 13? You did not specify in your question. (MORE)
I filed chap 13 bankruptcy which did not include your home or car only credit cards and the both your mortgage co and your home equity line of credit were frozen can they do this?
You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to hav…e your attorney bring the mortgage and HELOC into your plan. (MORE)
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
Filing for bankruptcy after a divorce when there are a lot of joint obligations can complicate things but it is not uncommon. When a person files for bankruptcy they can only file for their debt obligations and so the court may not allow you to do it for a joint mortgage if that would be unfair to y…our exspouse or they cannot separate the debts. This is something to think about and I would recommend you contact an attorney to determine what debts can be discharged and what debts cannot. (MORE)
You haven't said where this is. -That would very likely come under the bankruptcy laws of your province or state.
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailin…g Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy. (MORE)
Yes, but if you are still under a chapter 13 bk, you would need the court's permission. In any case, whether you would be able to get financing to purchase a home after filing bk- that is a whole other issue.
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.
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceed…ing. (MORE)
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankrupt…cy lawyer in your area. (MORE)
What if you had file bankruptcy and you kept your home what do you have to do to get in the bankruptcy now?
Youneed to start off by talking to your bankruptcy experts. Theyshould be able to help..
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
"It is exceedingly difficult to do so. In most cases, bankruptcy inhibits that for the duration that the filing stays on record. If you do get a loan, it is usually at 8-12% rates, or 3-5% above the average. Total cost might be 200% of non bankruptcy loan."
What is the waiting period for purchasing a home after filing bankruptcy if a mortgage was included?
There is no specific waiting period. You can purchase a home as soon as you reestablish your credit to the satisfaction of any proposed lender.
After your discharge, you can purchase a home at any time. If you pay cash, you may have some serious problems explaining where the money came from and why it was not reported in the bankruptcy documents. If you apply to borrow, you will have trouble qualifying for a mortgage, since credit score wil…l be low, due to the bankruptcy and the poor credit you had prior to filing. You will have to be serious about repairing your credit score, and it will take 3-4 years for you to do that. (MORE)
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
This really depends on a number of facts that include the state that you live in, the amount of exemptions your state has for bankruptcy, whether your home has equity and whether you are current on the mortgage. It will also depend on what type of bankruptcy you are trying to file. In cases where th…ere is no equity in your home and you are continuing to pay the home, you should be able to keep your home. If there is equity in your home then you need to look at what bankruptcy exemptions are available in your state to protect the equity in your home. (MORE)