it is 120
No. Filing bankruptcy can buy you extra time in your house though. Hopefully the law will change to allow judges to modify your loan terms in the future. If you are behind in your mortgage with no way to get out or get ahead then my advice is stop paying it and file bankruptcy. Then save your money as much as possible because you will need to find a nice rental. Bankruptcy protects you from creditors (mortgage company) from coming after you (wage garnishment,etc.). You need to talk to an actual bankruptcy lawyer. If you already can't afford your bills, DO NOT go destitute trying to pay the crooks back. YOU and your family come first! If you feel "duty-bound" to pay your bills when you don't have the money to pay them you may end up basically broke and homeless in the end. Save your money in a hole in the ground, not the bank. Good luck. It's not the end of the world. I am in tough times also (unemployed).
I can only speak from my own experience. It does indeed appear on our credit report and also states that the mortgage company is filing a claim against us--even though we did not reaffirm the loan. Completely wrong and I've disputed it many times with ALL the credit bureaus but they will not remove it. I'm not sure if there's a government organization that can help force the mortgage company to report correctly to credit bureaus or one that can force the credit bureaus to actually DO an investigation when you dipute it. No win situation, I'm afraid
Refinancing While in BankruptcyMany people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure. When entering into a plan the debtor, usually has no exit plan other than paying the 5 or 3 year plan (contingent upon median income). The debtor can refinance after 36 months (all unsecured claims become dischargeable debt) and discharge the bankruptcy immediately. This saves the borrower 2 years on their credit report. After refinancing, the BK 6 months out/discharged fannie Mae will issue approvals. A bankrupt borrower can easily be transformed to an AA+ 680-720 FICO borrower yielding rates in the range of 6.25-7.00 after doing a loan to discharge the bankruptcy. In a dismissed bankruptcy a foreclosure bailout out loan can be arranged. This topic was discussed in a previous article I published in ezinearticles.com When a debtor is dismissed from his/her bankruptcy the mortgage ALONE can be refinanced and a Chapter 7 can be employed. When filing a Chapter 7 the mortgage must be refinanced first. I arrange foreclosure bailouts for people more frequently than previous years. When trustee or mortgage payments are missed the bank will make a motion to lift the automatic stay. This leaves the borrower exposed to foreclosure until the mortgage is refinanced. If the borrower meets the means test the non mortgage/secured debts can be discharged under a Chapter 7 Bankruptcy. The "means test" is when the court determines a debtors filing to be abuse of the system. Abuse is presumed if the aggregate current monthly income over 5 years, net of certain statutorily allowed expenses is more than $10K or is 25% of the debtors unsecured debts, as long as the amount is $6,000. The debtor can rebut this guideline with mitigating circumstances. A dismissal from a bankruptcy has been viewed by the court as mitigating circumstances.When the payments to your trustee are not perfect you can still get out of your bankruptcy. If the debtor has filed multiple Bankruptcies it is important for debtor to know what claims are listed in schedule D & F (secured and unsecured claims) Often times when multiple liens are present the attorney will file an avoidance on a lien. This means the borrower is not required to pay the lien back. However, all too often title searches find liens that were never discussed or filed. Liens that maybe very old.An unscheduled debt most of the time will not be discharged with a BK payoff because the claim was omitted or an avoidance was never filed. This is a common omission/oversight that can (depending on the amount of the claim) present a problem for a borrower who may not have enough equity to cover the lien.This is where having a through attorney pays off, you most likely wont have to deal with this predicament. Often times I can negotiate these debts down if they are addressed ahead of time.
Currently, there are no limits to the amount of times you can file for bankruptcy or the time frame between each filing. However, if you file too soon you are less likely to be eligible for "discharge." It is suggested by most to wait at least seven years between each filing in order to qualify for discharge. For more information on bankruptcy you find it on our site: http://www.kohlawfirm.com/bankruptcy These materials do not, and are not intended to, constitute as legal advice.
There are ways to make the financial side of house hunting struggles less upsetting. When it comes to borrowing money for a property purchase, using a financial tool such as a mortgage calculator is one method to exploring all your options. A mortgage calculator is a device that helps to analyze your monthly mortgage payment. The calculator helps determine sales prices, loan amounts and down payments required for borrowers. Mortgage calculators, which help analyze questions about mortgage loans, furnish information about mortgage interest loans, mortgage payments, how much should be paid and how much is the mortgage interest rate. The mortgage payment calculator can be used by real estate experts as well as potential home buyers. It also takes taxes and insurance information into consideration to give a consumer a quick estimate of whether or not the loan is within their budget. Most mortgage calculators also include areas for loan amount interest rate length and home value. For example, if the home mortgage amount is $300,000 and the mortgage term is 30 years with an annual interest rate of 6 percent, with the help of a mortgage calculator you would have to pay roughly $1,800 per month. A general rule of thumb is that the major earner can borrow up to three and a half times his/her salary. A company called Mortgage Calculator.com provides an array of free calculators to help in the planning and obtaining of a mortgage. Some of the company's calculators include a mortgage refinance calculator that compares facts about an existing mortgage and recommends whether or not to refinance a mortgage. Another tool the company makes available would be the mortgage affordability calculator that helps determine how much of a mortgage you may qualify for. Once a mortgage financial agreement is in place, the mortgage calculator may still be utilized by the borrower to find out what impact a change in interest rate may have on the mortgage payment amount. It can also make it easier for renters who are thinking about becoming home owners by estimating how a hypothetical mortgage payment would compare to the rent they pay and it can help homeowners looking to refinance by calculating what the new mortgage payment would be.
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