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You are filing chapter 7 your ex lives in house but your name is on the mortgage how will this affect him and the house?
Wiki User
∙ 14y ago
You have an "automatic stay" , which means that the mortgage company cannot contact you. If you have a marital agreement that stipulates that you must make the payments, then YOU need to let him know what the deal is. You should let him know that you are to be "held harmless" on any debt owed on your mortgage.
Wiki User
∙ 14y ago
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If you did not get your mortgage reaffirmed does this mean you will lose your property?
From my understanding after filing Chapter 7, our house was not reaffirmed, but the mortgage company clearly states that as long as the payments are kept up they will not take action against the house and if they do, their interest is solely in the house, not contents.
You did not reafirm your mortgage after filing chapter 7 how do you keep your house?
You had to sign and file a "statement of Intention" indicating if you were surrendering the house or reaffirming the debt. If the mortgage company did not send you a reaffirmation agreement, or your lawyer did not prepare one, you should still be able to keep the house, assuming you have continued to make the mortgage payments. If you did not, and are seriously in arrears, you will have to see if a chapter 13 is possible. See a knowledgeable bankruptcy lawyer.
Can I purchase another house if my house was discharge in chapter 7 but is not in foreclosure I'm still making my payments and living on it?
If your chapter 7 has been closed, yes - if you can find a lender for another mortgage. Your credit scores will have lowered because of the filing and discharge.
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
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.
What kind of paperwork does the trustee need in order to sell the house after filing chapter 13?
Unless the house was owned free and clear by the debtor, the trustee does nothing. The mortgagee forecloses and auctions the house off. If there was no mortgage, the trustee will either sell the house or auction it off.
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 does chapter 13 affect deficiency of judgment if foreclosure is emminent and house is unwanted?
Surrender the asset (house) to the mortgage holder. Any deficiency will be added to the chapter 13 plan to the same extent as other unsecured debt. You may want to convert to a 7 if the 13 was to try to save the house.
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
You are filing bk chapter 7 but spouse is not your house is just in your name you also have land that has a mortgage in just your husbands name but both names are on deed will the land get taken from?
Ownership of real property is determined by the names on the deed.
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.
Can you lose your house if you file for a chapter 7?
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.
