There are many laws surrounding mortgage bankruptcy in the US. Chapter 7 and 13 highlight these rules, when someone discharges from all their debt, or sets up a repayment plan.
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Great question for your BK attorney
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.
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
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.
Title 11
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.