0
You can take it to the bank that the bankruptcy court will make you sell the second property to pay off your bills. You are only allowed to hoemstead on one residence. If someone starts digging and found out that you possibly claimed each as your residence during the purchase of each property, then you can expect a knock on your door from the FBI & IRS.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
What causes Mortgage defaults to rise?
In the USA there is speculation that the 2005 bankruptcy reform caused an increase in mortgage defaults. By declaring bankrupty, homeowners can keep their homes. The problem created in 2005 occured when filing fees were raised and a lower amount of debt was forgiven.
Will you be able to get a home loan if you have a two year bankruptcy and have yet to sell your current home?
The question you should be asking is, can I afford to pay 2 homes mortgage for at least 1 year? If you are not worry about this, well, your mortgage lender will. Two things they will be looking at are your liquid reserves and your net income (your gross income minus your current monthly debt payment obligations). As far finding lenders that will be willing to lender to you even after a 2 years bankruptcy, it will depend on how well you have make your mortgage and credit payments after the bankruptcy. Keep in mind that you might not find competitive rates as would if your credit was perfect.
What is bank owned homes?
bank owned homes are homes that have been foreclosed by a bank.
How many homes in the world?
we have over 627 billion homes in the world
Will other people fourcolsures increase my credit score?
Not directly. However, FICO and other score model companies recognize that mortgage delinquency may no longer be an indicator of financial ruin or future bankruptcy. People with no "life event" such as job loss or divorce are willingly leaving homes while paying their car notes and credit cards on time. New scoring models have been mentioned in the press that will account for this "single delinquency" anomaly. As the modeling changes the scores of those people will likely rise to reflect their true risk outside of an exploding mortgage situation. When these changes take affect it's possible that the new model will affect the scores of others as well to an unknown extent.
Is Champion Mobile Homes filing bankruptcy?
They are still there building mobile homes - - -
Did champion homes file bankruptcy yet?
Not YET !!!!
Who is the saint that protect homes from foreclosure?
Saint Bankruptcy
Can I file bankruptcy my self or do I need a bankruptcy attorney?
You don't have to have an attorney to file for bankruptcy, but an attorney can be help with the paperwork. Also, your creditors usually have legal representation so it may be for the best if you are represented as well. You can file a Chapter 7 Bankruptcy on your own. However, with a Chapter 13 you'll probably need a lawyer. Also, the more valuable your property -homes, cars, etc - the more you should consider a lawyer in order to make sure you don't lose anything of value through the Bankruptcy process. i HAVE NOTHING OF VALUE, NO CAR, HOME, ETC. I OWE OVER 100k ON CREDIT CARDS AND NO JOB NOW. SHOULD I DO CHAPTER 7 OR 13? ANY NEGATIVES THAT COULD HURT ME I SHOULOD BE AWARE OF?
Just want to know how much do you have to pay to have your bankruptcy removed?
You cannot have your bankruptcy "removed" in anyway that I know of... I have been selling homes for 11 years and I have yet to see that happen. Depending on whether you filed chapter 13 or 11, it can be "overlooked" after 2 years if you are wanting to buy a home. If you have had late payments after the bankruptcy you will more than likely have to wait 5-7 years
How does Chapter 13 Bankruptcy help a person?
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.
What is Claridge Homes known for?
Claridge Homes is a company that specializes in building condominiums, housing developments, and retirement communities - both for owning and renting.
If you have a large balloon payment due in 2 months and 110k worth of credit card debt will you lose the house when you declare bankruptcy?
that depends. a couple things you'd need to consider are whether all of your debt is unsecured (credit card debt, generally) or whether you also have secured debt (mortgage, car) - this, and your goals in filing bankruptcy, will affect which chapter you file in. another large consideration is what type of exemption your state has for homes. it may be that you are unable to exempt your home because it is worth more than the allowed exemption. in a chapter 7, you'd sell it and keep the value of the exemption. in a chapter 13, you could pay off the difference in value during the length of the plan. chapter 7 is generally known as the discharge chapter, meaning if your debts are unsecured, they will be eliminated. chapter 13 is the repayment chapter, which allows to pay back only a portion of your unsecured debts and maintain payments on secured debts. short answer is, talk to an attorney.
How to File for Bankruptcy?
Filing Personal BankruptcyIf you are planning to file bankruptcy, you will have options for completing the process. Do it yourself, or hire an attorney to do it for you. You may also be able to simply hire a document preparer, who is not a licensed attorney, to prepare the documents for you. The cost of that would probably be less than the cost of hiring an attorney, although a document preparer also will not be qualified to render advice, and should not.Decide on the Proper Bankruptcy Chapter to File UnderBefore filing bankruptcy, you must decide on the type of bankruptcy to file. There are two types for consumers, being Chapter 7 and Chapter 13. They are distinctly different from one another, and will require different filing and different handling. Chapter 7 bankruptcy is known as liquidation bankruptcy, with the import of that phrase being that in exchange for a release from your debts, you agree to give up your property. Release from debts through bankruptcy is called discharge, and there actually are certain types of debts which cannot be discharged in Chapter 7 bankruptcy. These include student loans, taxes, and domestic support obligations, including child support and alimony. Other nondischargeable debts include fines and court fees. Most people filing Chapter 7, however, are not confronted by nondischargeable debts, and all of their debts are wiped away. This includes credit cards, medical bills, and the personal liability side of secured debts like car loans.Chapter 13 vs. Chapter 7Debts are treated differently in Chapter 13, with that Chapter providing a broader discharge. Chapter 13 bankruptcy is essentially favored by the law, because in Chapter 13, the debtor is making an attempt to repay some or even all debts.Do-it-Yourself Bankrtupcy Filing in Chapter 7Filing Chapter 7 bankruptcy is actually a fairly simple process, requiring submission of a set of documents, payment of a fee, and generally only one appearance at Court. Actually, in Chapter 7 bankruptcy you generally do not appear before a judge, but instead simply attend a meeting which is presided over by a court official known as the trustee. The trustee administers your case from start to finish, and will examine you at the meeting concerning statements made in your filing. In truth, the examination is rote, with the trustee asking nearly all filers the same simple questions. As for property given up in Chapter 7, this will be only so-called non-exempt property, which will not include your home, your retirement account, your clothing and personal items, or even your car in most cases. If you are considering Chapter 7, you can safely assume that you can complete the process with no assistance. There are kits available at bookstores that will provide all required forms. Bankruptcy is a federal process, and forms are standardized nationwide.Using an Attorney in Chapter 13Chapter 13 bankruptcy is eminently more complex, providing more protection for a debtor, but in exchange for a debtor's commitment to repayment of debts under a plan. The plan must be approved by the court, and it is detailed in its contents. Chapter 13 bankruptcy is a common recourse for people facing foreclosure on their homes, as that bankruptcy will allow them to repay arrearages and compel a mortgagor to accept that repayment. If you choose to file Chapter 13, you must expect to need an attorney to represent you in the process. Chapter 13 is far too complicated for a layperson to handle.
2 homes with mortgage on both divorce and one files bankruptcy?
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
How might erosion affect homes built along a seacoast?
how might erosion affect homes built along a seacoast?
Did honest Abe log homes in moss Tennessee file bankruptcy?
No. Moss, Tennessee based Honest Abe Log Homes has never filed for bankruptcy and continues normal operation. I've been an employee for almost 10 years and manage the marketing and advertising for the company, so I can state this with utmost confidence. I can say that another company with a similar name did file within recent years, which is probably the source of this question. Josh Beasley Honest Abe Log Homes
