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You are currently in a ch 13 im still unable to make your mortgage payments can you file ch 7 now?
Wiki User
∙ 15y ago
No. You have to convert your c. 13 to a c. 7 or move to dismiss the c. 13 and then file a c. 7. You are not allowed to have two bankruptcies open at the same time. You should discuss this with your attorney or, if you are pro se (representing yourself), you should at least find out the problems and benefits of each choice.
Wiki User
∙ 15y ago
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Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
Do you still have to make mortgage payments on a short sale?
Yes.
Am you considered a homeowner if you are still making mortgage payments?
Yes
Can an owner let a buyer take over payments on a house if it is still in the banks hands?
It is possible. Some banks and lenders will allow a buyer to assume payments on an outstanding mortgage. You will need to contact the lender who currently holds the paper on the property.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
If I own a home with a co signer and file a chapter 7 will their credit be affected?
If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.
Are mortgage payments on an investment property an expense?
Any payments you must make from Gross Income to keep the property running are expenses. Although a mortgage is usually also called a Liability Expense, it is still an expense to run the property.
How can I pay a mortgage faster?
There are a couples ways to pay off your mortgage faster. One would be to refinance. Another is to make larger payments. Still another is increase the number of payments you make per year. http://www.fivecentnickel.com/2009/06/03/how-to-pay-off-your-mortgage-early/
Do chapter 7 bankruptcy relieves you of a mortgage in a divorce but the spouse stills lives in the home?
Filing for Chapter 7 bankruptcy will discharge your personal obligation to pay the mortgage, but it does not remove the lien on the property. Therefore, the mortgage lender can still foreclose on the home if the mortgage payments are not made. In a divorce, the issue of who is responsible for the mortgage payments would typically be addressed in the divorce settlement or court order.
How do you calcualate equity in your home?
Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases.
Can the mortgage company at any time take your home away if you are still making payments after bankruptcy?
Ususually in BK a house is either voluntarily surrendered, because it is not possible for the borrower(s) to keep up payments.. Or the buyer reaffirms the loan with the lender and works out a plan to repay missed payments. If your mortgage payments are current, I see no reason why the lender would seek foreclosure.
What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
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!
