Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
You should file a 'proof of claim" with the bankruptcy court and take you place in line to be paid...whcih will likely be a few pennies on the dollar.
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
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.
It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for filing bankruptcy.
Whether or not a home is forfeited depends on the state or federal homestead exemption, and if the lender is willing to reaffirm the loan agreement. Second mortgages are considered secured debt and have the same legal standing as first mortgages.
One would first have to wait two years after filing for bankruptcy. After this period, one can apply for a mortgage but one should pay bills on time and do not expect for it to be easy. Persistence is key.
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
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.
"It is exceedingly difficult to do so. In most cases, bankruptcy inhibits that for the duration that the filing stays on record. If you do get a loan, it is usually at 8-12% rates, or 3-5% above the average. Total cost might be 200% of non bankruptcy loan."
You are not prevented from moving as a result of filing bankruptcy. Filing bankruptcy is not a crime.
You need to have your situation reviewed by an attorney who can review all the details and who is knowledgeable in the areas of real estate law and bankruptcy.
Better consult an Attorney in your jurisdiction for the same.
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
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, but if you are still under a chapter 13 bk, you would need the court's permission. In any case, whether you would be able to get financing to purchase a home after filing bk- that is a whole other issue.