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What does it mean when your mortgage company has released its lien on my home after a bankruptcy discharge?
Wiki User
∙ 12y ago
It means your property (real estate) is no acting as collateral for the loan that you took out.
Secured loans have collateral attached, such as a home or vehicle which the lender can reposses if you don't pay.
Unsecured loans have no collateral (such as credit cards), therefore if you don't pay, all the lender can due is sue you in court.
Wiki User
∙ 12y 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
Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?
No.
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.
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
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
Are you required to keep home insurance after bankruptcy discharge?
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.
Can a mortgage company who took over your mortgage two years after bankruptcy discharge require you to reopen your bankruptcy to enter into a reaffirmation agreement if prior company didn't need it?
They would never have more rights than the mortgage company they bought it from.... This would seem very, very, highly unusual...and likely impossible...and why would they want anything if your current...if your not...well that's a different story.
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
Does a mortgage company have to accept a late payment during a bankruptcy if they receive it?
No.
If your company declares bankruptcy does this discharge your guaranty?
If the company is a corporation and you personally guaranteed the debt, the corporation's discharge of its debts does not discharge your obligation. If the company is you as a "DBA" then more than likely the discharge of the DBA (doing business as) discharges your personal guarantee.
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.
How do foreclosures affect your credit?
Same as a bankruptcy There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
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.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What does Thornburg Mortgage offer for loan rates?
Thornburg Mortgage offered competitive loan rates. The company is no longer in service after filing for bankruptcy in 2009. The company is now known as TMST, Inc.
Should you file bankruptcy when there is a foreclosure and pending divorce situation and you do not want to keep the house and can not repay any money still owed to the lender?
If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.
