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Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Wiki User
∙ 10y ago
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Wiki User
∙ 10y ago
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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
Who would you file paperwork with to file for a foreclose?
I got the impression that the mortgage company does the filing of the foreclosure in California and then takes the property and you just allow this to happen if you can't pay up. I don't think you have to file for a foreclosure.
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
What charges can you claim when filing your taxes on a new home?
Very few. If any of your mortgage costs are deductible as pre paid interest, (which hey generally aren't), they will be reflected as such on the interest statement the mortgage company provides. Closing fees etc are NOT expensable.
What can I do to stop home foreclosure?
I think the best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary. If you know you are unlikely to meet your mortgage obligation, the first thing you should do is call your lender.
If there is a mortgage on property and the mortgagor failed to pay the amount loaned at a given time what shall be do?
just as in any mortgage situation, the holder of the mortgage, once a default has ocurred, has the legal right to commence a foreclosure action in county court. an action to foreclose a mortgage generally begins with the filing of the summons/ complaint and the lis pendens. the lis pendens is a document that is filed so as to attach real property to the proceeding, and puts the world on notice that a foreclosure is ongoing and directly affects title to the property
What happens if the person filing for foreclosure dies?
A person doesn't "file for foreclosure". A bank or other lender takes possession of property by foreclosure procedure after the owner (mortgagor) of the property has defaulted on the mortgage. The procedure varies in different states. If the mortgagor dies during the foreclosure proceeding the lender can continue the foreclosure process against the estate. The death of the mortgagor may delay the proceedings until the heirs have been given notice of the foreclosure, depending on how far along the foreclosure has progressed. If the mortgagee (lender) dies during the foreclosure proceeding their estate representative can continue the foreclosure once appointed by the court.
How can I get a bank to stop a foreclosure on a property?
With the country in the midst of this crisis, the bank doesn't really want to foreclose since they will then be stuck with another property. So try to modify your mortgage, or arrange a short sale, or apply for federal help. Filing chapter 13 is supposed to stall a foreclosure too.
What is the foreclosure rate in Inglewood California?
1 in 3267 homes in Inglewood, CA received a foreclosure filing in August 2009.
Who owns home after filing a chapter 13?
It depends on what the chapter 13 plan provides. Most 13s are started to save a home from foreclosure, so the debtor remains the owner until the plan is completed. If the debtor misses post-filing mortgage payments, the mortgagee will file a motion for relief from stay to get the court's permission to proceed with the foreclosure. The plan can provide for the sale of the house, most often at auction, and the balance of the mortgage becomes unsecured debt to be paid according to the plan provisions for unsecured creditors. Or the plan can provide for the surrender of the collateral (home) to the mortgagee, with the same result for the mortgage balance.
