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2010-04-09 21:27:18
2010-04-09 21:27:18

You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.


Related Questions

No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.

can a person file bankruptcy if the home is not under any mortgage?

You can file chapter 7 bankruptcy and reaffirm your mortgage. Your mortgage company is not required to reaffirm your mortgage however, it is their final decision.

No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.No. If you default on your mortgage the lender will take possession of the property by foreclosure. Whether you file bankruptcy is an unrelated issue.

Yes, but the effect on the liability for the mortgage may keep you from discharging the liability for the mortgage. Consult a local bankruptcy attorney.

Bankruptcy is of an individual or a corporation can not distinguish between creditors.

If the mortgage is not paid.....then the home will foreclose and the owner will need to vacate. This is not a bankruptcy. So, the answer is no. You do not have to file bankruptcy in order to foreclose.

Yes he can file for Bankruptcy if he wants to depending on the situation of his property.

Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.

In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.

You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party to pay or pay part of the mortgage, there may be a contempt action for violating that court order.

You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.

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.

If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.

Better consult an Attorney in your jurisdiction for the same.

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.

Yes, if you have unsecured debts or other secured debts like a huge car payment you need to get rid of. Be careful to complete the bankruptcy documents carefully, especially if you file a Chapter 7, or use an experienced bankruptcy lawyer.

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.

The best way to file for bankruptcy is to find a trusted lawyer who specializes in bankruptcy cases. You will need to provide your bills, mortgage or rent statements, and other documents to proceed.

Why not? Filing for bankruptcy is not a crime.

You can't file bankruptcy "on" any asset. You file for bankruptcy, listing all your assets and debts, to discharge all dischargeable debts. You can surrender an asset such as a second house and get a discharge on any unpaid amount due on a mortgage, while reaffirming the mortgage(s) on the first house.

You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.

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