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Answered 2012-08-03 17:45:51
If foreclosure has been started, it doesn't really matter if you pay the loan up to current. Your original contract probably stated that once you are in default the entire amount can be called due, and the property can be sold for the amount owed (foreclosure).
As soon as you are in default, the bank can foreclose. If you pay the past due amount, they MAY decide to let the loan continue. It's the bank's decision. In general, once you have been in default you are considered to be a higher risk. The bank may let you re-finance the loan, but they also may want to charge a higher interest rate because you are no longer a low risk borrower.
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If someone hasn't paid child support for 3 years due to drug abuse and is now willing to make payments on arrears and continue current payments will they serve time in jail?
I doubt they will to jail for non-payment of child support -especially if they are willing to make payments on arrears and continue current payments. Sounds like they are starting to do the responsible thing.
How do you save a house from a repossession.?
The only way to save a house from foreclosure is to keep current on the mortgage payments. Check in your area for newly created consumer foreclosure counseling services if you think you have been the victim of a predatory lender.
If an account is charged off but payments are current on the account can a lender repossess collateral?
If payments are current it would not be advantageous for a creditor to charge off an account nor in some cases legal. If there are arrearages on the account that is a different issue, as the account would be considered in default and property that was used to secure the loan could be seized.
What if your daughter bought a home with her grandmother as a co-signer she now faces foreclosure should she file chapter 13 bankruptcy how does all this effect her grandmother?
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed without financial input from the grandmother, it will be up to her to let it go forward and lose the house. Either way, the fact that the house is in foreclosure will affect her credit score.
Do you have to pay back child support if you and your wife divorce?
If there is a support order in affect the obligated parent is responsible for keeping payments current and paying any arrearages. If the order was mandated after the divorce decree and the couple lived separately there may still be arrearages for support that the non custodial parent is responsible for paying.
Can the obligated parent discharge child support arrearages in a bankruptcy once the child reaches the age of 18?
If what you mean is can back owed child support payments be discharged in bankruptcy: NO. Regardless of how old the child is now. on the other hand if you mean to be included in the repayment schedule for a chapter 13 then yes. Child support arrearages can sometimes be included in bankruptcy. This pertains to arrearages only and not to current support due. A bankruptcy petition cannot override a court order of support and if arrearages are allowed to be included in a 13 the arrearages must be paid in full, not a percentage thereof, as is possible with unsecured creditors.
Is it possible to keep your house when a chapter 13 is dismissed if you pay all the arrearages and keep mortgage payments current?
That depends entirely on the lending institution. In most cases the lender will choose to reaffirm the mortgage agreement with the borrower rather than go through the foreclosure process if they are convinced the borrower's financial situation is stable. The best option is for the borrower to contact the lender directly followed up by written correspondence and for the borrower to be completely honest about his or her current financial situation.
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
After filing chapter 7 you did not reaffirm your car loan what happens now?
2 factors: 1. Are you current on your payments? - if you are not current on your payments the creditor will most certainly repossess your vehicle. however you will not be liable for any deficiency amount. 2. Who is the creditor? - Most creditors will gladly continue to accept payments on the vehicle and not repossess it. however some creditors such as Ford Motor company will repossess regardless of whether or not you are current.
Can child support be reduced with arrearages?
Current amount, ys. Arrears can be reduced depending on circumstances. see links
Can a foreclosure be refiled?
I'm not entirely sure what you mean, so I'm taking a stab in the dark here. It's possible for a lender to begin to foreclose on a property, decide for whatever reason (such as the debtor bringing the loan current, or reaching an agreement with the debtor to halt the process) not to complete the foreclosure, and then later go ahead and start the foreclosure again if the debtor misses additional payments or fails to comply with the terms of the agreement.
How do you find out if the house you're buying on contract is being foreclosed when the owner won't tell you?
Have your attorney arrange to have the title examined. Your attorney can contact the current mortgagee to determine if there is a pending foreclosure action.Have your attorney arrange to have the title examined. Your attorney can contact the current mortgagee to determine if there is a pending foreclosure action.Have your attorney arrange to have the title examined. Your attorney can contact the current mortgagee to determine if there is a pending foreclosure action.Have your attorney arrange to have the title examined. Your attorney can contact the current mortgagee to determine if there is a pending foreclosure action.
Can a bank still repossess your car if they said they would cancel it and you have made payment arrangements to get current?
If you continue to make payments as agreed, on time, you should be safe from repossession.
Who owns the house when a foreclosure has been dismissed without prejudice?
The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.The person named in the current deed owns the house but the property is subject to the mortgage. The bank may be able to clear their title problems that led to the foreclosure being dismissed and file the foreclosure at a later date if it remains in default.
What is a motion to compel foreclosure?
If it can be proven that a bank is deliberately stalling the foreclosure, attorneys for the owner or condo association can ask for a motion to compel and have the court make the foreclosure immediate. This is happening in current cases where foreclosures drag on for years with no closure.
My current home is in my wife's name. Can a lien be placed on property by my ex-wife if I owe child support arrearages in MN?
Your current wife is not responsible for your children by your ex-wife.
If you file banKruptcy can your car be repo?
Yes. The financial insitution will typically call you to set up a time to pick up the vehicle or have you drop it off if you do not intend to reaffirm the debt. They are not allowed to call you to ask for payment, but can ask for the vehicle. You can, however, continue to make voluntary payments on the vehicle and they will not repo it if you keep it current. If you do reaffirm the debt, that means that you intend to keep the vehicle and will continue to make payments on the vehicle, meaning that they are allowed to contact you about making payments.
Does CA have a statute of limitations on child support arrearages?
On recovery of arrears owed, federal law requires no limits, but you must keep the claim current.
If your car is in the shop but you are still making payments can they repo the car?
Not as long as the payments are current and have remained so.
Bankruptcy without losing home?
You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
What happens if the bankruptcy is denied and you have no equity in your home but am current in payments?
What happens to what? Your debts are still owed, including the mortgage(s). If you are not in foreclosure and are current in your payments, nothing will happen to your home. You will start getting sued (or getting hauled into court to collect on existing judgments) and eventually will get attachments on your home and/or on your wages if garnishment is allowed in your state for consumer debts.You may be able to refile, maybe after some period of time. Ask your bankruptcy lawyer or get one.
How do you wipe out your child support debt?
You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.You pay it in full and stay current in future payments until the child support order ends.
Can you include your mortgage payment in chapter 13?
Back payments yes, forward payments must be kept current.
Can I file bankruptcy and keep my home?
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
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