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If you file for second Ch 7 in 6 years and let your home go back which has a 1st and 2nd mortgage on it will you ever be able to finance a home again?
Wiki User
∙ 8y ago
I have spoken to several mortgage lenders regarding how ONE bankruptcy affects someone who wants a mortgage, and almost all of the lenders agree that two years is the amount of time after your bankruptcy discharge that it takes to be able to get a decent mortgage. Granted, you may be able to get a mortgage sooner, but your terms (i.e. interest rate, etc.) will not be as attractive as it would be if you can wait 2 years. Considering that you'll be paying that interest for up to 30 years, it definitely saves you a lot of money if you can wait long enough after the discharge to get a good interest rate. However, I have only asked one mortgage lender what a person's odds are of getting a mortgage after filing bankruptcy twice, and he said "With two bankruptcies on the credit report, forget it." I take this to mean that you probably won't be able to get a mortgage very easily, if at all, until the oldest bankruptcy falls off your credit report (Chapter 7's are on your credit report for 10 years from the date they are filed). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
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What is the maximum years for a mortgage?
For how many years I can get my mortgage? (25,30, 35 or 40 years in Canada)
How long do you pay for mortgage insurance premium?
You have the option to get a mortgage insurance for the length of your mortgage contract, or you can choose 10 years, 15 years, 20 years, 40 years, etc.
Can you file CHAPTER 13 bankruptcy on my second mortGage?
Removing a Second Mortgage Chapter 13 Bankruptcy also offers an important, and often unknown, option to consumers who have a residential real estate mortgage, namely, removing a junior lien holder or "2nd" mortgage from your home. If you purchased a home with 80/20 mortgages or if you took out a second mortgage in the past few years, you may be able to remove the second mortgage. If the fair market value of your home is below what is owed on the first mortgage, the second mortgage can be removed and the debt associated with it becomes unsecured debt (treated like your credit card debt). In a Chapter 13 Bankruptcy, usually only a small, if any, portion of this type of debt is paid. We will need to obtain an appraisal and comps to establish your home's fair market value. We will also need to obtain approval of the court. The mortgage company may oppose this motion. If they do, there may be further court proceedings. At this time, the mortgage companies are not typically opposing our motions to remove the second mortgages. You will need to make all plan payments to obtain your discharge. Once you have the discharge, the second mortgage is gone.
Every person should refinance their mortgage after five years.?
Every person should refinance their mortgage after five years.
What will happen if I stop paying my second mortgage and my home is currently worth less than my first mortgage assuming my first mortgage is kept current?
The second will foreclose on your Property.To avoid the situation you must consult a mortgage firm who would assist you in your debt settlements. Why would you stop making your payment? The value of your home should go back up when the economy recovers. The value of your home has nothing to do with your monthly cash flow. Why would you ruin your credit for 10 years, when the value of your home will recover in 2-3 years. It just doesn't make sense. Pay your bills as agreed
How many years of finance to complete the mortgage amortization?
The number of years of finance to complete the mortgage amortization varies. For example, depending on the mortgage, it could take thirty years, or even just ten.
How many more payments do you have?
You will have to call the finance company about yours. We had a Mortgage burning party at my place a few years ago.
What can a mortgage company do if mortgage had not been paid in 4 years?
What can a mortgage company do if mortgage has not been paid in 4 years
What is the maximum years for a mortgage?
For how many years I can get my mortgage? (25,30, 35 or 40 years in Canada)
What are the top 5 mortgage brokers in Sydney?
Well, I am a motivated and highly skilled professional with demonstrated experience across the Finance and Banking Industry. Specializing in the Mortgage and Lending profession over the past years. Let me explain the top 5 mortgage brokers in Sydney that are ruling in finance and banking industries for a long time- Principal Mortgages and Shaun Bettman Shaun Bettman is the founder and director of Principal Mortgages, one of the best mortgage brokers in Sydney. Shaun has helped countless homebuyers achieve their dream of homeownership. Justin Doobov and Intelligent Finance: Justin and his team at Intelligent Finance are known for their expertise in complex lending situations. Quick2Lend: Mortgage Broker Sydney Finance & Home Loan Discover a reliable mortgage broker Sydney, offering expert advice to help you navigate the home loan process with quick approval. Phil Riches, The Lending Manager He specializes in assisting first-home buyers, property investors, and those looking to refinance. Rick Nieuwenhoven:, Mortgage Broker Sydney He offers a range of home loan options, including fixed-rate loans, variable rate loans, and low-doc loans If you are looking for the best mortgage broker in Sydney, quick2lend finance is the best option. One of the best mortgage brokers in Sydney a career of diverse experience. Quick lend has over 8 years’ experience in lending, we have built an unmatched panel of financial lenders which helps us to provide solutions quickly and effectively and cater all types of clients .
How long do you pay for mortgage insurance premium?
You have the option to get a mortgage insurance for the length of your mortgage contract, or you can choose 10 years, 15 years, 20 years, 40 years, etc.
Can i eliminate my second mortgage if my home appraises less than first mortgage loan?
You are responsible for paying off any mortgages you have on your property. Defaulting on the second mortgage will have consequences. Perhaps you could negotiate with the lender since they wouldn't profit from a foreclosure. ------ Is there some specific reason that you are unable to pay? Home prices will recover in 2-3 years. But if you default on a mortgage and go into foreclosure that will haunt you for the next 10 years. Is it really worth it to try to scam the mortgage company out of money that they loaned to you in good faith and you happily went out and spent?
Can you file CHAPTER 13 bankruptcy on my second mortGage?
Removing a Second Mortgage Chapter 13 Bankruptcy also offers an important, and often unknown, option to consumers who have a residential real estate mortgage, namely, removing a junior lien holder or "2nd" mortgage from your home. If you purchased a home with 80/20 mortgages or if you took out a second mortgage in the past few years, you may be able to remove the second mortgage. If the fair market value of your home is below what is owed on the first mortgage, the second mortgage can be removed and the debt associated with it becomes unsecured debt (treated like your credit card debt). In a Chapter 13 Bankruptcy, usually only a small, if any, portion of this type of debt is paid. We will need to obtain an appraisal and comps to establish your home's fair market value. We will also need to obtain approval of the court. The mortgage company may oppose this motion. If they do, there may be further court proceedings. At this time, the mortgage companies are not typically opposing our motions to remove the second mortgages. You will need to make all plan payments to obtain your discharge. Once you have the discharge, the second mortgage is gone.
How long will the bank finance a cheap property for?
There are several different options for mortgage lengths. http://www.mortgagecalculator.org/helpful-advice/how-many-years-mortgage-loan.php offers a great article that explains the differences in each. However, to find the longest term you would qualify for, you will have to talk to your bank regarding the loan.
Business second mortgage foreclosure?
business failed personal and business bankruptcy was filed and adjudicated 2007 second mortgage on home used for collateral is now being foreclosed. what is the next step? Answer Get some legal advice or go to a non-profit housing advice program. It may be that you can make arrangements with the bank to catch up on the second mortgage, and/or give the house back to the bank. You might also, for personal financial reasons, visit one of the nonprofit credit counseling agencies to get your expenses in line with what you earn. You just filed BK 4 years ago and now you are in trouble again. Time to get a handle on the situation.
When you file under chapter 13 and you own your home with a mortgage does the mortgage get paid off in the three to five year period they give you?
No. The mortgage gets paid off according to the terms of the mortgage agreement, (20 years, 25 years, 30 years, etc.)
Where could one get a mortgage for 50 years?
Like most other mortgages, if an indiviudal is looking to get a mortgage for fifty years they can go to a mortgage broker or their bank / credit union.
