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How long until a bank seizes your house after you file for bankruptcy?
Wiki User
∙ 13y ago
Most banks won't seize your home after bankruptcy. One of the key purposes of bankruptcy is to preserve the living assets and provide the individual with another chance (albeit with a lot less credit flexibility).
Note: I am NOT a certified financial planner (CFP) and am NOT licensed to provide financial advice.
[opinion]
If you are in a situation where foreclosure is on the horizon and you have tried to negotiate with creditors to no avail, you will want to consider bankruptcy in order to hold onto your home. While the debt associated with your mortgage may not be forgiven as a result of the bankruptcy, you WILL force a renegotiation and you WILL keep your home.
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoWhen you file for bankrupt, you can wait for 2 years before u can buy a house.
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How long will bankruptcy prevent a foreclosure?
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
When in bankruptcy and bank wants to foreclose on your house what can you do?
If you're officially in bankruptcy, that puts a temporary hold on foreclosure proceedings. It doesn't matter what the bank wants, by law they have to wait with all your other creditors while the bankruptcy court sorts out who's going to get paid and how much.
We filed chapter 7 bankruptcy. When can the bank take the house?
When you either voluntarily give up the house or you stop making payments (foreclosure).
When a bank seizes and sells a home to get as much of its loan back as possible?
That is known as foreclosure.
How long can a bank require you to pay on a delinquent loan?
Until it's paid off, or you declare bankruptcy and have the debt forgiven.
If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
Will a bank hire you if you have a bankruptcy on your record?
no they will not Yes. Each bank has its own rules but most will, unless of course they were listed on the bankruptcy
If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?
Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.
If a married couple no longer living together own a house and one files bankruptcy should the person filing bankruptcy surrender the house so other can keep house or will it cause other person to lose?
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
If two people own a home and are in the process of divorcing and one files bankruptcy on the house will the soon to be ex-spouse be effected?
You are a joint owner in the house, and presumably on the mortgage as well. The bank can come after you for the liability on the house.
WHEN SOME ONE FAIL TO PAY THE LONE OF BANK?
Bank loans are usually secured on the person's property. If the borrower fails to pay the loan back to the bank - the bank simply 'forecloses' on the loan - and seizes ownership of the property.
Can you wipe out student loans with bankruptcy?
According to my Spanish teacher, student loans are the only things that cannot be "wiped out" by declaring bankruptcy. She told us that the government will continue to reach into your bank accounts until that money is payed off.
