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What happens when someone you cosigned a mortgage for has filed for bankruptcy?
Wiki User
∙ 14y ago
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Wiki User
∙ 14y ago
Victoria Mahl
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If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Can someone co sign a mortgage if they have filed bankruptcy?
no
Where can someone find information about getting mortgage loans after bankruptcy?
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.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
What happens if car dealership files bankruptcy how do you pay for vehicle?
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
What happens to the co signer if the borrower files bankruptcy?
If you are talking about someone who cosigned for your loan filing bankruptcy, As long as you continue to make your payments on time, nothing will happen. If you are talking about someone you cosigned for taking bankruptcy, you may very well have to pay this loan. Contact the lender.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
Can someone co sign a mortgage if they have filed bankruptcy?
no
Where can someone find information about getting mortgage loans after bankruptcy?
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.
Where can one get help to refinance himself or herself out of bankruptcy?
One can get help refinancing a mortgage by visiting a bank or a mortgage specialist. This type of refinancing can help someone to get out of bankruptcy.
What are the rules of mortgage bankruptcy in the US?
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.
CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?
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.
Can you file bankruptcy even if someone else has cosigned with you?
Yes. You can file BK. The lender will then go after the co-signer for payment. In other words, the co-signer learns why the lender required a co-signer in the first place.
Someone cosigned a loan for me and I since lost my job can this person file suit for the entire loan or just what she cosigned for?
No, you would have to redo the loan.
What happens if someone pays their first mortgage but not their second?
The mortgage companies will end up fighting over the proceeds when your house is sold after foreclosure.
What happens to a bankruptcy when someone dies?
An administrator or executor of the estate needs to be appointed and file an appearance in the bankruptcy court. The case can continue to discharge of debts of the deceased. Get an experienced bankruptcy lawyer if there no attorney of record.
What is the top priority when distributing assets from someone declaring bankruptcy?
Secured creditors to the extent of their security on specific property (e.g., mortgage interest on real property)
