: ALL debts and ALL assets MUST be included. You cannot pick and chose what is included. Your entire financial obligations and assets are involved. You go BK, not a debt. : : Each type of obligation or asset are given different priorities (or status) of payment, with assets being used to pay obligations. Debts that are secured to an asset have first call over other creditors on the funds from that asset. : : Some assets and some debts may be exempt from use or disharge, but they are included and given that status. That basically becomes a court decision. : : A mortgage debt is dischargeable, but the asset involved is also available to satisfy debts. (No, you don't get to file some paperwork and get your house for free.)
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
It appears both documents have the same effect. But if you are referring to having your mortgage discharged, but you did not pay off the loan in full, it may mean that you still have an outstanding debt, but it is no longer secured by your propery (real estate) as its collateral.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.
No. You are in debt as much as you still owe on the mortgage.
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
The act of taking away a mortgage is known as mortgage discharge or mortgage payoff. It refers to the process of paying off the outstanding balance on a mortgage loan, thereby releasing the borrower from the obligation to repay the debt. Once the mortgage is discharged, the borrower gains full ownership of the property.
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Think carefully before taking this on. These loans require your home as collateral. If you can't make the payments
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.