Absolutely. And you can't give a deed in lieu to anyone other than the mortgage lender anyway. (A "deed in lieu of foreclosure" pretty much has to go to the one that is or could foreclose....no one else!) You give them the deed to the property that is secured by the mortgage (not a deed in lieu on a mortgage...which doesn't exist in any way). You can't give - or sell - the deed on the property without the mortgage lien and debt going along (and only then if the mortgage cos approve of the new one responsible for the mortgage anyway). Now of course to the court, these wildly crazy acts are going to look like you planned or attempted to play games and defraud the creditors - which if they don't want to have it pursued criminally (which is highly possible) at the very least will not put you in a good light with the ones in charge of your case. You really need to get expert help before you dig a bigger hole.
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
Yes, permission from the bankruptcy trustee/court is needed for any major financial transaction while participating in a chapter 13.
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
No. All transfers, sale, purchase of property or any major financial transaction must have the consent of the trustee in charge of the chapter 13 bankruptcy. The state of residency is not relevant, nor whether it is a federal or state bankruptcy.
Here is the short answer.........No. No lender will allow this. Lenders want you to be out of Bankruptcy.This is what I do refinance people out of bankruptcy early or arrange refinancing so that my clients can avoid bankruptcy or forclosure altogether. that is what you must do in order to refi your mortgage regardless of the mortgage status with your bankruptcy plan
Unlikely, because no lender will give the person a mortgage. There is no legal barrier to buying real property if the person can get the funding.
Two factors would detemine what if any action would be taken concerning the property. If the homestead exemption protects the house from bankruptcy seizure and/or if the lender is willing to reaffirm the mortgage rather than foreclose on the property.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
no you dont have to
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
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.