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What does selling my home have to do with your filing bankruptcy? If it was your home you sold short, assuming an arm's-length sale to a 3d party with no fraud or deception, you should not have a problem with filing bankruptcy.
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∙ 15y ago
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What happens if your home does not sale at the foreclosure auction?
at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?
How can you sell your house in a short sale and still file bankruptcy?
Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
Can i still file bankruptcy if my home is schduled for sheriff's sale?
It depends somewhat on your state law regarding foreclosure sale, but as a rule, you can save your house from being auctioned by filing bankruptcy. Whether you can keep the house depends on a lot of other considerations. Consult a local bankruptcy lawyer.
How do you stop trustee foreclosure sale in a few days in AZ?
The fastest way to stop a foreclosure on short notice is to either cure the debt or file for bankruptcy protection.
Can you file bankruptcy on a home equity line of credit and keep the house?
You file bankruptcy as an individual. It involves everything you owe and everything you own. You cannot file bankruptcy for only one loan The bankruptcy process can exempt certain assets from the process. Some debts may not be cleared. A debt secured by a specific asset has first call on the funds from the sale of the asset. If the sale fails to pay all that is owed, the additional amounts can be claimed as unsecured debts owed. If you want to know more about bankruptcy in your state and how you may be able to protect your primary residence you should consult with a bankruptcy attorney.
How do you stop or postpone foreclosure?
There are several ways to stop foreclosure. Following are the most common ways: 1- Apply for a home loan modification 2- Sell your home using the short sale process 3- File Bankruptcy 4- File an emergency bankruptcy 5- Hire a company to legally stop and postopne the foreclosure sale by challenging the trustee about the legitimacy of the foreclosure process. Ulitmately, always seek the advice of an attorney, credit, and tax professional before you decide what avenue to take to avoid foreclosure.
If you signed a promissary note in a short sale will the note be discharged with bankruptcy?
short notes fo earning
You sold your house in a short sale The first mortgage was forgiven but the second was an equity line The bank said you had a mortgage dificiency Can you file bankruptcy now for the deficiency?
Yes, you can file a Chapter 7 to have the debt liquidated or a 13 to go into repayment.
If you filed bankruptcy would your house be foreclosed on?
If you file for bankruptcy the court will be in charge of finding a fair settlement. They can require the person in bankruptcy to sell their primary residence if that is the main asset of value. The rules vary by jurisdiction. Independent of the bankruptcy the lender who has a loan secured by the property can foreclose and force the sale of the home if the payments are not made as agreed. A bankruptcy does not release the borrower from keeping up the payments on the home loan. As most loans state, if you fail to keep up with your payments your home is at risk.
When can you buy a home after a short sale or foreclosure?
Here are the rules:How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home?Here are the rules….Waiting Period Requirements to Buy a Home Again.The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.Federal Housing Administration (FHA)1) Foreclosure is 3 years2) Deed-in Lieu is 3 years3) Short Sale is 3 years4) Bankruptcy is 2 yearsVeterans Administration (VA)1) Foreclosure is 2 years2) Deed-in Lieu is 2 years3) Short Sale is 2 years4) Bankruptcy is 2 yearsConventional Conforming (FNMA/FHLMC)1) Foreclosure is 7 years2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV4) Bankruptcy is 4 yearsConventional Non-Conforming (JUMBO)1) Foreclosure is 7 years2) Deed-in-Lieu is 7 years3) Short Sale is 7 years4) Bankruptcy is 7 years
How soon can you buy a house after a short sale and bankruptcy?
This question is slightly more complicated than one may think. The answer depends on many things involved in both the bankruptcy and short-sale. Currently most lenders consider a short-sale the same way they consider a foreclosure, so you're stuck waiting 3, 4, or even 7 years before you can buy again. That being said, the FHA will allow you to buy a home again with no waiting period if you were able to short-sale your home without ever falling 30-day+ behind on your mortgage payments. That being said, we all know that many mortgage companies won't even entertain a short-sale unless you fall 60, 90, or 120 days behind on your payments. In the off-chance that you were able to successfully short-sale your home without ever falling behind on the payments, then we can go on to the bankruptcy portion of your question. Bankruptcies are treated differently depending if they are a chapter 7, chapter 13, or less commonly a chapter 11. A chapter 7 BK is a liquidation of debts with no payback. A chapter 13 allows you to roll-in the arrearages you owe on the mortgage, and get back on track but requires a payback period for all or a portion of the debt. This is naturally the option people choose when looking to file bankruptcy and save their home. The guidelines about getting a new loan after bankruptcy, again, vary depending on the lender and the loan program... but generally you're stuck waiting 2, 3, or 4 years from the DISCHARGE date of the bankruptcy. This of course assumes that by that time your credit has rebuilt enough to qualify (must be a 620 or 640 with most lenders nowadays). Lastly, if you haven't had a flawless payment history on the debts on your credit report since bankruptcy, it is very unlikely that a lender will entertain a home purchase for you regardless of your actual credit score.
