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Can I do a Bankruptcy and foreclosure with a second mortgage at the same time?
Wiki User
∙ 15y ago
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
Wiki User
∙ 15y ago
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How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
Can you file bankruptcy on a second mortgage and continue to pay on a first mortgage?
Better consult an Attorney in your jurisdiction for the same.
What is the meaning of mortgage foreclosure?
Mortgage foreclosure is a process by which a person, who has a mortgage on land, legally sells that same land. A mortgage can be defined as a property loan.
How bad is it to do a foreclosure and a bankruptcy at the same time?
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
If your house goes back into foreclosure after you are making payments on a chapter 13 can you file pro se to stop foreclosure?
You are leaving out important information: when was the chapter 13 ended and why did it end? If the chapter 13 has not been closed or dismissed, the mortgage should not be in foreclosure unless you missed several post-petition payments and the mortgagee got relief from the automatic stay. You cannot have two bankruptcy filings open at the same time. If the chapter 13 was ended pursuant to a section of the bankruptcy code, you may be able to refile, but you may not have the benefit of the automatic stay. Consult a local bankruptcy lawyer.
Can you keep your home after filing bankruptcy if you have a second mortgage if you want to reaffirm with your first mortgage?
Whether 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.
Can you file bankruptcy on a second mortgage and multiple credit cards and keep the home?
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.
Can you buy a house after only one year in Chapter 13 bankruptcy?
Yes. In fact there are lenders who will provide home financing just one day out of bankruptcy. Contact a local mortgage broker (yellow pages). Mortgage brokers have many lenders to choose from and can help you easier than a local bank. The danger is, of course, that you'll be charged such a horrible interest rate that you're far more likely to end up back in the same situation--bankruptcy, foreclosure, etc. It's smarter to be patient, spend two years getting your credit in order, and then look at what sort of mortgage you can get.
If you include your house in a bankruptcy how long after filing will you have to move out?
I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage company has to legally foreclose before I have to move if I choose to stay that long.I am a bankruptcy attorney in Indiana. I suspect that the answer to your question varies widely from state to state since each state has their own way of dealing with foreclosure. The Bankruptcy Code says you're supposed to tender surrendered property to the creditor within 45 days of the bankruptcy filing date, but in Indiana it is common practice for banks to let the person surrendering the home stay there until the sheriff sale, which is the final step of the foreclosure process. I believe the reason for this is because a bank would rather you stay in the home and keep it safe until the sale rather than you moving out, then the bank has to foot the bill to have someone winterize and secure the home and drive by from time to time to be sure no one broke in, vandalized it, etc.
What happens in Dallas TX if you stop making your mortgage payments?
The same thing that would happen in any city in the US; the mortgage company will begin a foreclosure action to take ownership of the property.
California While in foreclosure can you file a Deed in lieu of foreclosure if you are holding a second mortgage And if you can Do you need to file to the first mortgage only or to the first ans second?
First of all it depends if your first and second are with the same lender. If it is the same lender you need to talk to them and first see if they are even willing to perform the deed in lieu, sometimes you may need to be 3 + months behind to discuss that in loss mitigation department. If they are different lenders, your probably not going to get done for various reasons. Biggest reason is there will not be enough equity to pay of the first and second, thus the lender holding the first will not want to regain the property and be responsible paying off the second to clear title. In this situation they would have to foreclosure on the property and recover more of their money because the second will not get anything or a small portion if the sale produced a price above what the balance was for the first.
Can you file foreclosure on first and second mortgage?
It is not the homeowners themselves who file foreclosure on a house, nor do they decide when to file the paperwork, nor do they decide how it will be pursued in the local court system. All of these aspects are determined by the lenders and creditors who have liens on the house to begin with. To begin foreclosure, all the homeowner has to do is stop paying the mortgage, whether this is the first mortgage, second mortgage, home equity line of credit, or other lien on the house. So, if homeowners stop sending in the monthly payment to the first mortgage, after a period of time (typically 3-6 months in a row of missed payments), the lender will automatically begin the foreclosure process. It will hire local attorneys to initiate the lawsuit and have the paperwork served on the homeowners. The actual owners themselves do not have to do anything besides miss their mortgage payments -- the mortgage company will begin the foreclosure process with or without any further input from the borrowers. The same works if the homeowners stop paying their second mortgage or any other junior liens. Even if they keep up on the first mortgage payments, the second lien holder will eventually sue the owners for foreclosure and attempt to have the house auctioned off. There may be little chance that the second mortgage company will receive much from the sheriff sale of a house, since properties typically sell for not even enough to pay off the first lien, but the lender will not wait forever for the owners to get back on track. Eventually, it will be better to take the loss, write off the loan, and take any write-offs that are available. In the case of homeowners who stop paying on both or all mortgages at once, it is usually the first mortgage that will file for foreclosure first. If the homeowners do not find a solution to stop foreclosure, then it is likely that the junior lien holders will simply let the house go and write off their loans. In most instances, the sheriff sale will not generate enough proceeds to pay off the first mortgage in full, and other liens will not be paid off at all. There may be a small chance of being sued afterwards for a deficiency judgment, but this is a somewhat remote possibility.
