Yes, it is possible. The main requirement is that you must have been in Ch. 13 for at least 24 months and made all payments on time. If this is true in your case we may be able to assist you. I specialize in purchase loans with challenged credit and handle situations like this quite often. Feel free to give me a call for a free consultation. Eloy Benavides Mortgage Consultant Platinum Financial Group (877) 526-5332 Direct email@example.com www.platinumfinancialonline.com
No. You still have to pay the 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?
yes you can !i know from experience that you can the day you leave the courthouse!!!!!!
By filing a chapter 13 BK, although its possible to go through a chapter 7 while keeping the mortgage current.
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.
There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy.Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears.Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy.Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy.These are just a few of the benefits that a Chapter 13 bankruptcy can provide.
can you change your filing from chapter 7 to chapter 13 ?
Yes you can file chapter 13 anytime that you want. Nothing stands in the way except for a prior filing in the last 7 years.
It is always advisable to NOT reaffirm a mortgage because you would then become personally liable for the debt once more- deprtiving you of the benefit of filing for BK.
You may file for Chapter 7 at any time after filing Chapter 13.