0
Does your bankruptcy affect a mortgage still held in both your names even though you are divorced?
Wiki User
∙ 13y ago
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Yes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoYes. You need to consult with a bankruptcy attorney who can explain the consequences under federal and state laws.
Add your answer:
Earn +20 pts
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?
A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.
If you are divorced and your spouse was to get the house but your name was never removed from the mortgage does the divorce protect your credit if foreclosed?
Unless we have any bankruptcy or property lawyers trolling this board, I seriously suggest you contact one about this. I'm a pretty smart guy and I had to read the question 4 times to make sure I even understood it. I dare not try to answer it even though I've been into and through most types of money troubles. Good luck...seriously Phil
If the co-signer of a car files bankruptcy will this affect the credit of the primary even though my payment are always on time?
No. It only affects the lender ability to get paid if the primary borrower defaults.
Can I get a mortgage loan of I have a bankruptcy?
Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.
Is there a bank where you will be able to qualify for a mortgage even though you have bad credit?
Chase will qualify you for a mortgage even if you have bad credit. You can even have filed for bankruptcy
If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?
Yes, you can still apply for Mortgage Relief after filing bankruptcy.
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
If 2 people are on a home 1 signs over a quitclaim deed moves out and files bankruptcy will the other person loose the house do to the bankruptcy?
A quitclaim deed says the signer no longer has any ownership or responsibilities to the property in question. However, if there is a mortgage in the signers name, he or she is still responsible for that debt, even though they no longer own the property. If a person files bankruptcy after signing a quitclaim deed, any mortgage owed is still factored into the bankruptcy proceedings. If the court so deems it, and it is a common practice, filing a quitclaim deed just prior to filing for bankruptcy can be considered fraud. It is best to consult a bankruptcy attorney familiar with local laws prior to signing any document.
How do you finance out of Bankruptcy?
File for bankruptcy and then try and start over. Your credit will be messed up though.
When you declare bankruptcy in Michigan is your mortgage forgiven?
No. Filing bankruptcy can buy you extra time in your house though. Hopefully the law will change to allow judges to modify your loan terms in the future. If you are behind in your mortgage with no way to get out or get ahead then my advice is stop paying it and file bankruptcy. Then save your money as much as possible because you will need to find a nice rental. Bankruptcy protects you from creditors (mortgage company) from coming after you (wage garnishment,etc.). You need to talk to an actual bankruptcy lawyer. If you already can't afford your bills, DO NOT go destitute trying to pay the crooks back. YOU and your family come first! If you feel "duty-bound" to pay your bills when you don't have the money to pay them you may end up basically broke and homeless in the end. Save your money in a hole in the ground, not the bank. Good luck. It's not the end of the world. I am in tough times also (unemployed).
My husband and I are separated he's filing chapter 7 bankruptcy One home is in his name and another in both of our names Can the court take my home Iowa?
The court does not take anything. Is that the one in both names? Was he paying the mortgage or part of the mortgage? I strongly urge you to get your own bankruptcy lawyer, since this is a very technical area of bankruptcy law. You need to find out if he intends to abandon his interest in the homes or intends to reaffirm the mortgage(s). Abandoning the property can cause problems if you cannot pay the mortgage on "your" home in Iowa. The real estate would be foreclosed on if there is a mortgage, unless you can make the payments on a joint mortgage or refinance in your name alone. You can also sell the house owned jointly, though you might need his agreement to sign the transfer documents or file a legal action in Iowa if that was where you were living when the separation took place or if venue lies in Iowa for other reasons. I said it was technical!
If the co-signer of a car files bankruptcy will this affect the credit of the primary even though my payment are always on time?
No. It only affects the lender ability to get paid if the primary borrower defaults.
If you are divorced and your spouse was to get the house but your name was never removed from the mortgage does the divorce protect your credit if foreclosed?
Unless we have any bankruptcy or property lawyers trolling this board, I seriously suggest you contact one about this. I'm a pretty smart guy and I had to read the question 4 times to make sure I even understood it. I dare not try to answer it even though I've been into and through most types of money troubles. Good luck...seriously Phil
Can you file bankruptcy on a second mortgage but not on the original one so you can keep your house?
== == NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included. Bankruptcy means that you are SO FAR IN DEBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time. : : by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). : To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete.
Can you do a loan modification if you are in chapter 13?
A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts. Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee. However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.
