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Can you file bankrupcty for an conventional unisured loan mortgage and still keep your home?
Wiki User
∙ 16y ago
Lets start with you don't file BK for a thing...a this or a that...YOU file bankruptcy. It involves and EVERYTHING you owe and everything you own. Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets.
But the important thing to start is you do not pick and chose what you want to include...because just like your question...you would include the loan 9and every debt)...but not the property, or assets!
Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.
Wiki User
∙ 16y ago
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Can you get a apartment with bankrupcty?
Yes but its not easy and not very likely. but there is still a chance you can.
In bankructy can you still file income tax?
In bankrupcty you MUST still file income tax
How is Reverse Mortgage useful?
The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment. reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.
Do you have to have mortgage insurance?
Not all loans require mortgage insurance If you are using FHA financing, you'll need mortgage insurance regardless of the downpayment. Conventional loan financing less than 20% requires MI. On a conventional loan, you may have the option of building in the MI into your interest rate. Your rate will be higher, but at least this way it's a tax deduction in the form of mortgage interest paid. MI is still a tax deduction but not all qualify for the deduction and the deduction is due to go away 12-31-2011.
Do you have to have private mortgage insurance?
Not all loans require mortgage insurance If you are using FHA financing, you'll need mortgage insurance regardless of the downpayment. Conventional loan financing less than 20% requires MI. On a conventional loan, you may have the option of building in the MI into your interest rate. Your rate will be higher, but at least this way it's a tax deduction in the form of mortgage interest paid. MI is still a tax deduction but not all qualify for the deduction and the deduction is due to go away 12-31-2011.
If you have a conventional mortgage with no late payments and you wish to refinance to a FHA mortgage are you still required to make a down payment or can it be included in the loan amount and monthly?
Go to the FHA web site: http://www.fha.gov Government programs keep changing, so any answer will be out-of-date quickly.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
Can you take bankruptcy on joint car loan?
Yes, but the bankrupcty applies only to the person filing. The other party would still owe the debt.
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
Your husband passed away you have joint mortgage do you still have to pay mortgage?
yes
