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Can I purchase another house if my house was discharge in chapter 7 but is not in foreclosure I'm still making my payments and living on it?
Wiki User
∙ 11y ago
If your chapter 7 has been closed, yes - if you can find a lender for another mortgage. Your credit scores will have lowered because of the filing and discharge.
Wiki User
∙ 11y ago
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Can you purchase another house if your house is not in foreclosure?
mo ney
If you have had a foreclosure can you purchase other property later?
Yes you can purchase property. The problem is finding another lender willing to give you a loan that is affordable.
How do you proceed with a deed in lieu of foreclosure and what are the advantages?
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
Is there any recourse if you fall behind on mortgage payments and the bank is requesting a relief of stay from the courts?
A secured lender (especially a mortgage holder) has a lot of leverage when collecting on the loan. If the stay is granted an the loan can be reaffirmed missed payments and penalties made up (plus regularly due payments), foreclosure is a certainty. It might be wise to let the house go in the bankruptcy, whereby you can collect your exemption and at least not lose your equity (investment) in foreclosure proceedings. State statutes differ in how foreclosure proceedures and/or bankruptcy homestead exemptions apply. If you have a decent attorney, they can normally put on some "shmooze" and get an agreed order in to either buy you some time to make up the arrears, or work out another deal with the lender.
How soon can you buy another home after foreclosure?
3 years
Is it possible to purchase a different house with a foreclosure on your credit report?
It is possible, cash purchase, or substantial change in your ability to pay which would make the bank think you are a good credit risk. This could be in the amount of time since your foreclosure and maybe you have proved through repayment of another loan that things have changed since the foreclosure. Amount of time since foreclosure, repayment history, amount of credit, amount of debt are all items considered in your credit report which then gives you a score and the bank or mortgage company uses this to determine what kind of loan (rate and terms) you will get if any. All of this being said it is NOT easy especially in today's market.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
Alternatives to Foreclosure?
Foreclosure can really hurt your credit score and make it harder for you to get a loan for a car, another home or anything else you may need. The good news is that there are alternative to help keep you out of foreclosure and keep your home. One of the best options for those who are at immediate risk of default on their home loan is a mortgage modification. A modification can lower your monthly payment, stretch out the life of your loan and even reduce the balance owed on your mortgage to help make your monthly payments more affordable.
What is a rapid movement of excess charge from one place to another?
static discharge
Bank Foreclosure: a Homeowner's Overview?
Since the U.S housing market bubble collapsed in 2008, bank foreclosure has become a reality for millions of homeowners. People who understand foreclosure rules have the best chance of keeping their property or minimizing their personal losses if the foreclosures go forward.What Is Bank Foreclosure?Every mortgage spells out the lender's remedies if the mortgage holder fails to make timely payments or properly maintain and insure a property. A bank choosing foreclosure to protect its loan investment takes physical possession and legal ownership of the home. It can then attempt to sell the real estate for enough money to cover the remaining balance on the loan.What Triggers the Bank Foreclosure Process?Foreclosure typically follows a borrower's sustained failure to meet the mortgage terms. Missing between three and six months of payments, dropping insurance or damaging the property enough to significantly reduce its value can trigger foreclosure. Each state has a specific legal process allowing the bank to transfer the home's title back to itself.Costs of Bank ForeclosureA bank assumes legal, postage and advertising fees for each property it places in foreclosure. More fees accrue if the home actually goes to auction. Borrowers have the right to correct the mortgage situation throughout the foreclosure process, but they must also pay the bank's foreclosure fees. The best scenario for a borrower is to avoid foreclosure if at all possible.Avoiding ForeclosureMeeting mortgage payments on time and properly maintaining and insuring a home is sometimes impossible, especially following a job loss or medical emergency. In these instances, it is best to notify the bank immediately and negotiate a temporary change in mortgage terms. This change can lower the monthly payments to a manageable level until the borrower's financial situation improves.It may also leave money necessary repairs and insurance premiums. If the bank refuses to negotiate, the borrower can attempt to refinance through another lender or sell the home and pay off the loan. Bank foreclosure seriously damages a credit history and makes it difficult for a borrower to obtain future mortgages.
What is another word for exempt?
absolution, discharge
Can I Transfer a mortgage in foreclosure to another name?
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
