What do you do if a person renting a home from you filed bankruptcy?
If the renter can still make payments you do nothing. If the renter defaults on more than one payment, then file for court eviction unless you want to make special arrangements with the renter.
If you are a co-borrower on a mortgage and the other co-borrower has just filed bankruptcy will this affect your credit rating?
Yes. I co-signed for an auto loan and the other borrower filed bankruptcy without notifying me. I was in the process of buying a home and before I went to settlement they pulled my credit again and her bankruptcy came up - preventing me from getting the house. So yes it will affect your credit because it will show up on your credit report that that person has filed for bankruptcy.
If you file for bankruptcy the court will be in charge of finding a fair settlement. They can require the person in bankruptcy to sell their primary residence if that is the main asset of value. The rules vary by jurisdiction. Independent of the bankruptcy the lender who has a loan secured by the property can foreclose and force the sale of the home if the payments are not made as agreed. A bankruptcy does… Read More
It will, at most, briefly delay the process.
Generally..if you're renting a home and do not owe any back rent than you can stay in the home..especially if you have a lease but if you are behind in rent than you can declare that debt in bankruptcy but it is up to the landlord whether or not he/she wants to let you stay.
can a person file bankruptcy if the home is not under any mortgage?
There is no prohibition against renting property in a ch 7 bankruptcy. However, if you have a large amount of equity in the house, it might be sold to pay your creditors.
my brother filed then got married she has good credit but no job. they bought one a year after he filed but had to have a large down payment.
An owner occupied home is a home that is lived in by the person who owns it, rather than by someone who is renting from the person who owns it.
Could the US government take the proceeds from the sale of you home if you have a judgment against you because of a student loan and you filed bankruptcy?
Yes. Federally funded student loans are not dischargeable in bankruptcy.
If you put a bid in for a home for sale by Aegis Mortgage Corp and they have filed for bankruptcy will they still be able to sell it to you?
You can buy it from the bank
I filed bankruptcy on the entire amount owed on my home will my ex only be reliable for half of what was owed since i filed on the entire amount owed?
Yes, Your ex should have the responsible for the half of what was owed.
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailing Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy.
You will need to see what kind of deal you can make with the bank if any. I do not understand how you filed bankruptcy on a bank. If you had a mortgage, it is usually the property and not normally covered by bankruptcy especially if it is your primary residence but it is subject to foreclosure. Back rent could be covered by bankruptcy. Still, that would change the terms of a lease and probably… Read More
Bankruptcy is filed in "Federal Court". It doesn't make any difference where your assets are. The only time you can hold out is if your assets are outside the U.S. and the bankruptcy court doesn't know about them.
My ex-husband of 8 years filed bankruptcy on a home that I signed a quit claim on but my name is still on the mortgage as a co-debtor will this show as a bankruptcy on my credit report as well?
No the bankruptcy will not show on your credit history unless you filed as well. However, now the mortgage company has the right to come after you in full for the amount owed, since the Court has released him from all obligations.
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and… Read More
There is a six year limitation for BK filing. Bankruptcy will delay but not stop foreclosure on secured property, unless the debt is reaffirmed with the lender.
The creditor would have problems enforcing a lien if the debt was included in the bankruptcy. If they were paid off, investigate further. If they were not included, then the lien may be valid.
My sister filed and was discharged in a bankruptcy, she did not reaffirm the house. She has moved out, she has homeowners on the property but is it still good if she does not live in the home.
No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.
Well, if the bank forecloses on the home, the bank is now the legal owner of the home, so the renter should probably contact the bank.
Nowadays many people are faced with the problem of debt. A good majorityamong them fail to clear off their debts and in the end will file for bankruptcy. People are advised to resort to bankruptcy as the last resort. The main reason they are advised so is because once they declare bankruptcy it becomes very difficult to clear their credit card and get them new loans for that matter. If in any case the person… Read More
All major financial transactions including the purchase of sale of a home must be approved by the bankruptcy trustee before any action is taken.
no becuz u were kicked out think of it like this: if u r renting an apartment, and the landlord tells you to get out you dont live there any more .. .. . .
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
sometimes but barley ever
Should you renew your home owners insurance if you have filed for bankruptcy and your debt has been discharged?
If the note holder has taken possession of the property then they are the current owner, you do not need to maintain a home owners insurance policy. This is because you are no longer the home owner.
There are several benefits of an FHA home loan refinancing. An FHA home loan is one of the easiest to qualify for. If for some reason you decide to sell your home, the buyer of your home can then take on your loan, leaving you with less money to pay in the end. This is called being assumable. Even if you have filed bankruptcy or have gone through a bankruptcy, you can still qualify for… Read More
The TN homestead exemption stand for the Tennessee homestead exemption. The Tennessee homestead exemption protects some of the home equity when bankruptcy is being filed.
Yes, one can normally keep a home in bankruptcy. When discussing losing a home in bankruptcy, there are two potential entities that can take it: the mortgage lender and the Bankruptcy Court. WITH RESPECT TO THE MORTGAGE LENDER: In Chapter 7, one may normally keep a home so long as mortgage payments are current (or an agreement with the mortgage lender can be worked out to let the debtor cure the arrearage). To do this… Read More
If your still buying the house and you still owe the mortgage company then Yes. It is a part of your mortgage contract. Failure to comply with the terms of your mortgage contract will put you in default on your mortgage and subject you home to foreclosure. It has nothing to do with whether you filed a bankruptcy or not, it's a totally separate issue.
If you filed bankruptcy 18 months ago but it was dismissed and now you would like to purchase a home and your credit score is not that great what can you do?
A bankruptcy, even a dismissed bankruptcy, will lower your credit score 75 to 150 points. There's really no way to raise it other than by paying your bills when due, and time. 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. Visit… Read More
Not after the bankruptcy has been discharged. If the person is participating in a chapter 13 bankruptcy they must have the permission of the trustee/court to engage in any major financial transactions.
Yes renting a home is just like renting an apartment although it may be more expensive as homes normally consist of more rooms whereas an apartment is normally limited to 1 or 2 bedrooms a home can have many bedrooms.
If you and your fiance want to get a joint bank account but he has filed bankruptcy in the past will this affect your credit?
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.
If you are renting your home and living with your boyfriend at his home why won't your insurance company cover your home?
It is possible that you have to be occupying the house to be covered by insurance. They see it as unprotected by the owner and anything could happen to it. I cant possibly be the first person to try and insure a property Im not occupying. Homeowners insurance covers your home, and a house you are renting to someone else is not your home. It can be insured, but you need a different policy.
If you are a landholder on a home and the person files bankruptcy will they be able to include the debt they owe you into the bankruptcy?
They can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.
If a person owns a house they can do what they wish with it (within the law). If they are declared bankrupt and they no longer own it then they have no say in what happens with the house. It is no longer theirs.
Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That lien attaches to any equity in your assets that existed prior to the bankruptcy and was exempted in the bankruptcy. For… Read More
Does it have to be 8 yrs. before what. have you filed before? Or do you mean 8 yrs. for selling a home? If it is the home yes in some states you can't sell a home 8 yrs. before you file. But in some states the home it 100% exempt.
This is actually a question for your attorney but here is a direction. Ask your attorney if the home equity loan was included in your bankruptcy, did you complete all the payments you agreed to in the bankruptcy. I am guessing that if you filed for BK the bank probably did not let you use any unused portion of the line. Look into refinancing your home equity line of credit they are usually not fixed… Read More
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Yes. There is no time limit for filing a Chapter 13. Due to changes in bankruptcy statutes, undoubtly more consumer's will have to file a 13.
If you file a chapter 7 bankruptcy will it affect your ability to rent an a apartment or own a home and will it affect your fiance?
Your debt is completely your own, and will not affect your fiance's credit rating. It would play a part in purchasing a house in your name only. As far as renting, landlords will usually consider you a "good risk". After BK discharge the person is for the most part (or should be) debt free.
You cannot have your bankruptcy "removed" in anyway that I know of... I have been selling homes for 11 years and I have yet to see that happen. Depending on whether you filed chapter 13 or 11, it can be "overlooked" after 2 years if you are wanting to buy a home. If you have had late payments after the bankruptcy you will more than likely have to wait 5-7 years
The benefits for renting an apartment are that first of all, you get a new home. A drawback is that you have to pay to live in another persons home
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at firstname.lastname@example.org Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better… Read More
I filed chap 13 bankruptcy which did not include your home or car only credit cards and the both your mortgage co and your home equity line of credit were frozen can they do this?
You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to have your attorney bring the mortgage and HELOC into your plan.
Creditors can force a person into bankruptcy, if you are not already, but generally speaking, you cannot load up all your net worth in your home, and refuse to pay everybody else. This is why creditors can force a person into bankruptcy under the right circumstances. They usually don't, but they can.
If you're in Chapter 13 but your 2nd home is excluded can you refinance it without alerting Bankruptcy Court?
No, the second home is is not excluded. Everything you own is part of your bankruptcy estate and is the property of the bankruptcy trustee, including the second home. You would need court permission to refinance either of your properties. To do so you have to bring a motion requesting said permission and showing how the refiance would benefit your creditors over the plan you already proposed. As part of the motion you would have… Read More