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.
You will need to discuss this thoroughly with an experienced bankruptcy lawyer. Mortgages usually do not allow a change in title without the consent of the mortgage holder, and it can trigger acceleration of the mortgage and require immediate poayment of the whole balance due. If the wife has good credit and the mortgage is in trouble, it may affect her ability to borrow after the bankruptcy, so don't do it.
Leases are not reaffirmed like secured property is. Leases are either assumed or not assumed, and there is a difference. There is no way to answer your question without knowing more specific facts about what is happening in the chapter 7 bankruptcy proceedings.
== == NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included. Bankruptcy means that you are SO FAR IN DEBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time. : : by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). : To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete.
The person filing BK MUST include all assets (the house) and all liabilites (the mortgage)...must..not an option. How it effects the other owner(s) depend on how they own the property and mortgage on it. Jointly ot In common are the two primary ways. Either way, it will effect you....and it is likely you would have to essentially buy out the others interest to most easily resolve the situation.
Bankruptcy laws vary by country, but generally, bankruptcy does not automatically result in the loss of home ownership. In many cases, individuals filing for bankruptcy can keep their primary residence through exemptions or by reaffirming the mortgage debt. However, this may depend on various factors, such as the equity in the property and the specific bankruptcy laws in place.
If you can find a "good" (non-predatory) lender, expect to pay around 3 points higher then someone without the bankruptcy. PAY EXTRA ATTENTION TO WHERE YOU APPLY FOR A LOAN. You don't want to get thrown into a mortgage that hurts more then it helps.
If the home was part of the bankruptcy - possibly. It all depends on what the wording of the mortgage agreement may be.
You can't reaffirm a debt once the case is closed, unless for some reason the case was closed without a discharge. The last date within which you can reaffirm a debt is the date you receive your discharge. It is rare for a discharge to be vacated for the sole purpose of entering into a reaffirmation agreement. It makes no particular difference that your case arose in Rhode Island since bankruptcy law is a federal law. There is no difference in reaffirmation in Rhode Island compared to anywhere else in the United States.
Gee...how does one do it without being in bankruptcy? If you can't afford it, then the asset must be sold. No tricks here. You pay for your purchases or you give them back.
You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.
Your best option would be to higher a bankruptcy attorney. They can provide assistance in this area even without a decleration of bankruptcy. In fact, often a letter from your attorney threatening bankruptcy will be enough to bring your mortgage holder to the bargaining table, as bankruptcy would automatically stop the foreclosure proceeding and put it in the hands of a judge. If you wish to stop foreclosure on your house, then you have one of two options. Either 1) contact your mortgage company, and attempt to lower your monthly payments, or 2) speak with an attorney, and hope that you have a case.
The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.