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Can you put your house mortgage in on bankruptcy?
Yes you can, in fact, you are required to list all creditors, which would include your mortgage lenders.
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All would have to be included. You do not go Bankrupt on certain things. Everything you own and everything you owe must be included, ot the case will be dropped and you could… face fraud or contempt charges. Again, in BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. Frequently a house, (if you can and have paid the mortgage), and a reasonable car (and things like work tools, personal household goods, etc), are classified as exempt or may be saved. ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. You do not get to eliminate debts and keep those things of value you want to. That would clearly be unfair. A timeshare is considered an asset since you own that certain unit although the idea of it is that you own a certain vacation time. Yes, you can include that one on bankruptcy along with your other assets.
A second mortgage is secured by the home, which means they put a lien on the property as part of obtaining the loan. They recorded the lien before funding your loan. Thi…s is what gives them the right to take action against the property if you fail to pay. A lender may foreclose on a property when there is a default in the terms at any time, as long as they follow federal and state laws. No lender wants to own your home, so this generally takes 3 months of missed payments or some other serious violation of the terms (unpaid property taxes etc) but they can begin immediately. This is frowned upon by regulatory bodies, the courts and general business sense but it is possible. Don't ignore any contact attempts by your lender. Work with them to understand your situation and to create a plan to solve the issues at hand.
Assuming you owned the house and you are the bankrupt debtor, it varies from state to state and lender to lender. If you surrendered the house, you should turn the keys over t…o the lender's attorney. Even if you do that, you may find yourself still getting the real estate tax bills, water and sewer bills, etc. If the lender or someone else has not purchased the house at auction, you may be able to stay for quite a while. Talk to your bankruptcy lawyer about it.
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.
A reverse mortgage is typically unaffected by bankruptcy. Only in a case where you want to surrender the home would the bankruptcy court be involved on any mortgage product ot…her than to dictate terms of repayment of defaulted payments. with a reverse mortgage there are no payments so that would not be an 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.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be …able to.
But it would be unusual to own a property (certainly one with any value/equity) that could have been used to pay debtors in the BK. Yes you can get a reverse mortgage after a… bankruptcy if you have equity in the property. Various state homestead exemptions can protect equity in the primary residence. See related link for a state listing.
Can you put a lien on a house that you own with others if you are only on the deed and not the mortgage?
Answer yes you can put a lien on anythig but if you are on the deed you are an owner,so yes u can put a lien on the house * … It might be possible to sue the joint owners (not a spouse) and is a judgment is awarded place a lien against their share of the propery. It depends upon how the property is titled, (Joint Tenants, Tenants in Common, Joint Tenants With Rights Of Survivorship). Nevertheless, taking such action makes no sense whatsoever, the joint owner would be attaching his own property share as well as that of the other(s). A lien encumbers the property it cannot be sold, refinanced, transferred, borrowed against or in any manner distributed until the lien is satisfied. If the purpose is to recover a debt owed by one of the joint owners the better option is to sue in for a monetary judgment, thereby avoiding all the problems that are associated with attaching a lien, perfecting it, forced sale issues and so forth.
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 foreclosure 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. <br /> 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.
A C-11 is normally only for Corporations. It is a re-organization type of BK. The mortgage is like any other secured debt, and the creditor will be paid by the agre…ed terms of the reorg or get the property.
If the payments are current, or if an agreement can be made with the lender, and the exemption covers the equity, a house can usually be kept. Second mortgages are dischargea…be, but, they are not subject to the same laws that unsecured debts are. The lender even after the BK discharge can take action (and probably will). Ususally placing a lien against the property.
In Texas can you buy a house and then declare bankruptcy to clear credit card debt so you can afford to pay the mortgage on the house?
Yes, but it is also called "Fraud." ans Well EVERYTHING you own and EVERTHING you owe is included in your free buthole and the BK. You do not pick and chose, you lie and c…heat nor can you go BK on certain things.... So the house would be in the BK too...and able to be used to pay debts. And of course, anything done within 2 years of filing is considered illegal-can be challeneged by the court and considered done in anticpation of BK or to commit fraud. Sure....you've got it...try to outsmart everyone and figure you'll get away with it...it's so much better than just paying youd ebts and obligations. And heck, the Banks and mortgage Cos (or credit card cos), they don't know anything...it's all new to them...you can trick 'em into losing out easily.
Answer I just talked to a friend of mine today about this. She says that if you do not have any late payments sent your bankruptcy discharge your credit is… good. She also said I'd be suprised to see how many lenders are willing to loan to me after the discharge of bankruptcy. This of course depends on wether or not your payments are current or if you have incurred any additional bills. Good Luck!
During the bankruptcy period you cannot borrow any money at all and not even operate a bank account properley. Once discharged (now 12 months) you are legally able to ap…ply for credit as normal (although you must declare you were bankrupt by law). The chances of getting a mortgage however are slim to say the least. All lenders and brokers will see from your credit and the bankruptcy register that you have been bankrupt and are unlikely to lend you to for perhaps up to 7 years. However, there are specialist morgage providers who would be prepared to consider a mortgage application from former bankrupt people, although the risk is clearly evident in the high APR that will be quoted. By finding a good mortgage broker it is possible to get a mortgage but deposit, loan to value ratio and interest will all be at a disadvantage to the applicant.
For the most part you cannot do so until after the bankruptcy process has completed. Practically there will be no lenders who would consider offering a loan as the court… would need to approve any such transaction and there could be issues with other creditors. Best to just wait it out.