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 eloy@platinumfinancialonline.com www.platinumfinancialonline.com
The amount you pay in Chapter 13 bankruptcy depends on your state. In general, you will not have to pay all the debt you owe.
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
Yes. It is the most common reason for filing a chapter 13.
In a Chapter 7 bankruptcy, a person filing for relief is called a
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
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?
No. You still have to pay the mortgage.
no
yes you can !i know from experience that you can the day you leave the courthouse!!!!!!
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
The amount you pay in Chapter 13 bankruptcy depends on your state. In general, you will not have to pay all the debt you owe.
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.
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
You know, everything ---that is ALL assets and ALL liabilities are included in your bankruptcy...(yes, they may be given different positions, but they all MUST be included)...you don't pick and chose. How did YOU decide to not include your mortgage? To the first responder: Um... Yes, you can eliminate anything you want from your filing. I'm going through it right now, and I am "re-affirming" my mortgage. Technically, I suppose it is still "listed" on the forms, but as soon as you re-affirm, you owe the debt again. To the original questioner: If you have filed the proper papers, your lender should not be able to refuse your payments (assuming they accepted the re-affirm), but you should talk to your bankruptcy attorney for more details. It would, I suppose, be possible for them not to accept the re-affirm, but then you would be out of the mortgage, and they would be stuck with the house, something I wouldn't imagine them wanting since they're in business to make money, not to own houses.
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
Yes. It is the most common reason for filing a chapter 13.