0
Lets start with a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves everything you owe and everything you own.
Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be cleared. A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of the asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets. A mortgage is simply a debt secured by the house. (The reason that is done is to make sure they can get paid. No you can't go BK, get rid of the debt and keep the house. If that was the case, should bought a better house! Of course, no one would lend money for someone to do so)
But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets!
Under C 13 BK, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you file bankruptcy on your house after chapter 7 discharge?
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 was reaffirmed but on your credit report it appears as Bankruptcy is this an error?
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
Can you leave a chapter 13 bankruptcy open and refinance your current mortgage if the mortgage is not included in the chapter 13?
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
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What is a reaffirmed mortgage?
A reaffirmed mortgage is one that was included in a bankruptcy but the homeowners get to keep the home instead of losing it back to the bank. The payments and length of loan may be adjusted.
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
What can be found on the Canada mortgage and housing site?
The Canada Mortgage and Housing site offers housing and mortgage insurance information. The info is provided by the Canada Mortgage and Housing Corporation.
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
Why did CIT Group file for Chapter 11 bankruptcy?
Its bankruptcy filing was largely due to the decline in housing and mortgage markets. It did receive $2.3 billion in Troubled Asset Relief Program (TARP) funds but was ultimately not enough for the firm to avoid bankruptcy.
If you filled for bankruptcy then modified a mortgage can the mortgage company come after you or will it still be in your bankruptcy?
Great question for your BK attorney
What if you file bankuptcy and have a reverse mortgage?
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.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
