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What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
Wiki User
∙ 14y ago
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
Wiki User
∙ 14y ago
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Can you keep a vacation home in bankruptcy?
Many states have passed laws that protect the primary residence only. You need to consult with an attorney who specializes in bankruptcy.
If your house is paid for will you lose it if you claim bankruptcy?
yes another answer: you can't lose your primary residence; also - homestead it.
What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Can you file bankruptcy if you own your home?
In principle, yes, but it depends on the equity in your home and how much of it you can exempt, as well as the non-exempt equity in all other assets and how much debt, income and expenses you have.
Can you use your condo your primary residence for a equity line of credit?
If you live there, of course. If you do not live there, then it is not you 'primary residence'.
Chase bank sent you a letter stating your car was charged off and creditirs notfied. If you claim the charge off in bankruptcy can you keep the car?
You can keep 1 car and your primary residence.
Do property taxes go up on your primary residence if you buy a 2nd home?
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Does it pay to become a Florida resident when buying a home?
Yes, it could be worthwhile (assuming the home is your primary residence) you can qualify for a "homestead exemption" allowable by state law. This will reduce your property taxes considerably. In addition, Florida is one of few states which protects your primary residence from being seized in bankruptcy proceedings. In the event that you must declare bankruptcy Florida law prevents your home from being seized as an asset, thus putting you in danger of losing it.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
What are the rights of a cosigner when the primary filed bankruptcy then didnt pay the bankruptcy so the bankruptcy was dismissed?
As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.
