If the sale price of a home is 20000 under the appraisal can you legally add in your payout of a chapter 13 bankruptcy to your mortgage loan if it is FHA?
No. FHA does not allow the buyer to receive any funds or form of cash outside of close in excess of the contract sales price. Paying off Ch. 13 is not required for you to purchase your home.
Answer Yes - assuming you meet certain criteria. Generally speaking, you can keep your home during a Chapter 7 case so long as you "reaffirm" the debt to the mortgage company during the case. This means you contact the mortgage company and tell them you want a "reaffirmation agreement," then they will send you one and you sign it, they sign it, and you file it with the court. This reaffirmation agreement puts you back…
Maybe but not normally. Generally speaking, you can keep your home during a Chapter 7 case so long as you "reaffirm" the debt to the mortgage company during the case. This means you contact the mortgage company and tell them you want a "reaffirmation agreement," then they will send you one and you sign it, they sign it, and you file it with the court. This reaffirmation agreement puts you back on the hook legally…
Charge off will still show up on your credit report as such as well as the bankruptcy. Chapter 13 requires the individual to repay a portion of the charged off balance this is a type of Settlement that the credit card companies/loan agengies will accept as legally binding agreement. Chapter 13 usually require a payment for 36 to 60 months.
Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period. There are two major types of bankruptcy definitions that apply to consumers: Chapter 7 and Chapter 13.
How long does it take for your credit to get better after you are discharged from Chapter 13 bankruptcy?
Can someone add a debt onto their bankruptcy even though the debt occurred after they had filed for Chapter 7?
Your wife and you are preparing to file Chapter 7 bankruptcy and have co-signed everything do you have to file jointly?
A Chapter seven will remain on the credit report for ten years. You can always request, legally or informally. But the law states that bankruptcy may remain on your credit report for 10 years from the date of filing. The time limit is strictly adhered to by the credit bureaus for Chapter 7 bankruptcies. The bureaus are much more flexible with Chapter 13. These can, by law, remain for 10 years. But it is customary…
During the bankruptcy period you cannot borrow any money at all and not even operate a bank account properley. Once discharged (now 12 months) you are legally able to apply for credit as normal (although you must declare you were bankrupt by law). The chances of getting a mortgage however are slim to say the least. All lenders and brokers will see from your credit and the bankruptcy register that you have been bankrupt and…
If an offer on a property that is not having the mortgage paid because the owner is going brankrupt how does the potential buyer stand legally?
If the owner has filed bankruptcy the property cannot be sold. It is in the legal possession of the trustee in bankruptcy who cannot sell any property without the permission of the court. You can contact the court for the name and contact information of the trustee and direct any questions you may have to the trustee.
LEGALLY: Chapter 7: Day after you file. Chapter 13: Day after you file with permission from the Trustee and court. IN THE REAL WORLD: Depends on other things on your credit, income, etc. I'm sure if you look hard enough though you can get a loan for any amount the day after somewhere. The issue here is... WHY would you get a loan right after you filed bankruptcy unless its for a car or house.
If the finance company has repossessed your car and you have filed and been discharged in chapter 7 bankruptcy in Kentucky who owes the property tax for the current year on the car?
Can a spouse be reimbursed for debts that were discharged in bankruptcy as part of the dissolution of marriage terms?
Catch on. Bankruptcy, in fact simply not paying any bill you legally swore you would, is always a grave circumstance. Especially always for those who don't get paid what they were supposed to and have to find other ways to feed their family, pay the rent, or employees, or suppliers...etc. Apparently, it's no big deal for you? Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was…
Your mother just died and has a mortgage on the house do you need to pay the mortgage when you sell the house?
Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?
If you are referring to accidentally recording a discharge of mortgage, and you did NOT intend on releasing the mortgage...the solution is to re-record the mortgage with the registry of deeds. If the discharge was properly signed and executed, then it is legally valid and you can not defend it in legal proceedings. Your loan is no longer attached to the properly upon properly releasing the mortgage with a mortgage discharge.
Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
A decedent's estate is legally responsible for a mortgage. The bank will foreclose on the mortgage if it hasn't been paid. It is likely that the late notices and possibly a notice to foreclose have already been sent out and received by whoever is occupying the dwelling. It is also likely that the property taxes are delinquent.
It generally takes 3-4 months after your meeting of creditors to receive your discharge. The discharge is the court order that says that all of the debts that you have listed in your Chapter 7 are discharged, that you are no longer legally responsible for them and that you are entitled to a fresh start.
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
It is recommended that one employs an experienced bankruptcy attorney to guide you through the process. However, it is not legally necessary. In order to file bankruptcy you need to file a bankruptcy petition and, if filing as a chapter 13 case, then propose a repayment plan. The U.S. Bankruptcy Court website has all the forms you need to fill out: http:/www.uscourts.gov/bankruptcycourts.html Here are the things you'll need: - Credit Counseling Certificate. You do these…
Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as alimony or child support- are still valid claims when a bankruptcy is declared. If your lawyer didn't do his/her homework and there is no such provision, you stand in line with the ex's other creditors. I am not giving legal advice and nothing in this posting should be construed to be legal advice, but it is my…