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What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
Wiki User
∙ 12y ago
Nothing happens, the lien still exists- and the 2nd lender can still foreclose if you stoip making payments. The bigger worry is why you would WANT to reaffirm a mortgage debt!
Wiki User
∙ 12y ago
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What happens when you file bankruptcy on your house?
I assume that you live in the United States... Don't think that you can "pick and choose" debts to include in your bankruptcy case. A lot of lawyers get this wrong. When you file bankruptcy, all your debts must be listed...under penalty of perjury. A Chapter 13 bankruptcy allows you to keep your house, cure your missed mortgage payments, and resume your future mortgage payments. You must have sufficient income to get a Chapter 13 plan confirmed by the court. In Chapter 7 bankruptcy, you don't have to give-up the equity in your house (as long as the home equity doesn't exceed applicable dollar-limits, and the house otherwise qualifies as your "homestead" under applicable law). The discharge order relieves you of your personal liability for the mortgage loan (as long as you don't sign a reaffirmation agreement). The mortgage lien survives the case. Chapter 7 can temporarily delay foreclosure, but it doesn't help you cure past-due mortgage payments if you are trying to save your house.
What happens to a mortgage in chapter 11 bankruptcy?
A C-11 is normally only for Corporations. It is a re-organization type of BK. The mortgage is like any other secured debt, and the creditor will be paid by the agreed terms of the reorg or get the property.
If a bank that holds your mortgage fails what happens to that mortgage?
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
What is account reaffirmation on a debt?
this is were you agree to pay the debt that you originally signed with the creditior this usually happens when someone is filling bankruptcy.
What happens to the second mortgage if the first mortgage is sold?
Nothing happens to it. It still remains in second place.
What happens if you lose your job after filing Chapter 13 with a wife who works a mortgage and two car notes in Ga?
If you are unable to make the mortgage payments, you will lose the house to foreclosure- there is nothing you can do at that point. The only option would be to convert to a chapter 7 to discharge any other non-mortgage debt. If you want to keep the cars (or any secured debt for that matter) you will need to KEEP making those payments.
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.
Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
What happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens if you cant pay your dutch mortgage?
what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland
What happens after chapter 7?
Chapter 8
