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You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to have your attorney bring the mortgage and HELOC into your plan.
What else can I help you with?
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
What banks allow bad credit mortgage?
Unfortunately, fewer banks will lend to someone with bad credit. Some of the major banks that advertise that they will give a mortgage to someone with bad credit include Paramount Equity and FHA Mortgage.
Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
Can you have 2 mortgage loans through same mortgage company?
Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
What if you file bankuptcy and have a reverse mortgage?
The reverse mortgage is typically unaffected by the bankruptcy as the mortgage is usually left out of the bankruptcy- that is a conversation you need to have with your attorney however. The bankruptcy court may look at the amount of equity you have in your home and determine what type of bankruptcy you qualify for. A reverse mortgage can even be used to pay off a bankruptcy or a mortgage in foreclosure as there are no credit requirements on them. I suggest talking to a bankruptcy attorney for information on what is available to you from the courts side of things.
What banks allow bad credit mortgage?
Unfortunately, fewer banks will lend to someone with bad credit. Some of the major banks that advertise that they will give a mortgage to someone with bad credit include Paramount Equity and FHA Mortgage.
Can a bankruptcy be filed on a reverse mortgage loan?
Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
If you have filed bankruptcy and it has not been final for a year yet is it possible to get a new mortgage?
You can refinance even a day out of bankruptcy. Every situation is different but the main criteria are the type of bankruptcy, your credit score, amount of equity available, how you've paid your bills since the bankruptcy and time in bankruptcy.
Are there restrictions for getting a home equity line of credit if you own a condo?
Your mortgage lender who is offering you an equity line of credit can answer your question.
Can you file bankruptcy on a home equity loan and credit cards?
Yes.
Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
Is not a form of revolving credit i. Overdraft ii. Credit card iii. Charge card iv. Home equity line of credit?
Home mortgage
How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
Can you have 2 mortgage loans through same mortgage company?
Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
What happens when your home is in foreclosure and you have an equity line of credit on this home?
The line of credit is no longer usable and the bank that gave you the line of equity will be asking you to pay the balance. The mortgage holder will also be asking for the deficiency after the foreclosure auction. Alternatively, the banks may send you a 1099 early next year so you will owe taxes on the "forgiven" balance. Get a good bankruptcy lawyer. The law may change in this area when Congress comes back into session.
