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Simply put, yes.
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∙ 11y ago
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If after your bankruptcy you sign a loan modification on your home are you now responable for this loan if you still want to walk away if the loan was not reafirmed?
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
What are the Considerations For A Loan Modification?
A few considerations for the loan modificationsSeek the consent of any junior lienholdersProtect the lender's title insurance coverageObtain the consent of any guarantorsRecord the executed modification promptlyConsider bankruptcy implications
Can i get a loan then declare bankruptcy immdiately?
That would be fraud. The creditor can get you in trouble. You should wait a month or two.
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.
Can you file for bankruptcy while getting a home mortgage loan modification?
You cant have both concurrently. I know most servicers and Fannie guidelines for loan modifications do not allow a loan modification while in Bankruptcy. There is a bill floating around congress that would allow Bankruptcy judges to do cram downs and modifications of loan term in Bankruptcy court. This would be the most practiable way, However there is a huge lobby for the banks that dont want this bill passed. Do the mod, then file the BK. I'm assuming your filing a Chapter 13? You did not specify in your question.
If you declare bankruptcy is your ex-spouse obligated to pay your joint loan cosigned by your relatives?
If you wife also co-signed on the loan, then, yes, she is. Your bankruptcy does not make the debt go away. It only negates your liability on the loan. It doesn't affect any one else's liability on the loan.
Can you maintain a mortgage loan and still declare bankruptcy?
I am not certain about other states, but in Texas you can. I believe this is the case nationwide, but you should consult a bankruptcy attorney in your state to be certain.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
Can you go to jail after your car has been repossessed and you don't want to pay the loan?
No you can't be sent to prison.You can declare bankruptcy .
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven.
What is such a thing as loan forgiveness in dealing with payday loans?
Unfortunately, there is no such thing as loan forgiveness when it comes to payday loans. The only way to erase these debts is to declare bankruptcy.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
