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You are in your 47th month of a 60 month chapter 13 bankruptcy plan was never late with trustee or your mortgage you are waiting for court approvel to pay off early what are my chances of getting ap?

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2014-09-18 00:03:48
2014-09-18 00:03:48

Your chances of getting approval to pay off a chapter 13 bankruptcy plan after 47 months is good. The court will review all information including the ability to pay off the plan.

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Related Questions


You can file chapter 7 bankruptcy and reaffirm your mortgage. Your mortgage company is not required to reaffirm your mortgage however, it is their final decision.


If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.


Here is the short answer.........No. No lender will allow this. Lenders want you to be out of Bankruptcy.This is what I do refinance people out of bankruptcy early or arrange refinancing so that my clients can avoid bankruptcy or forclosure altogether. that is what you must do in order to refi your mortgage regardless of the mortgage status with your bankruptcy plan


There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy.Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears.Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy.Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy.These are just a few of the benefits that a Chapter 13 bankruptcy can provide.


Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.


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.


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.


No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for filing bankruptcy.


If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.


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.


No. If the mortgage is in arrears and you are in foreclosure or cannot file a Chapter 13 plan, you will "surrender" the house to the creditor voluntarily. If you are current on your mortgage(s), nothing will happen to it.


When you fill out the forms for the bankruptcy, make sure that you "reaffirm" the mortgage. That means that you will continue to pay the mortgage as agreed. The bankruptcy trustee that will be assigned to your case will guide you through the rest. HIRE AN ATTORNEY!! IF you own a home,,,NEVER go it alone for a bankruptcy.


You can refi a day out discharging of bankruptcy depending on the situation.


No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.


By filing a chapter 13 BK, although its possible to go through a chapter 7 while keeping the mortgage current.


Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.


There is no chapter 8 bankruptcy. There are Chapter 7, 11 and 13.



Yes. If you have had 12 months of on time payments to the truste and your mortgage has been paid on time,While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.


You can either try to modify your 13 plan payments, convert to a chapter 7, or dismiss your BK.


Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.


It depends on whether you can afford to pay the second home's mortgage, taxes and maintenance along with your Chapter 13 plan payments. If there is no mortgage on it, and you have no exemptions left to apply to its value, you might be required to pay a 100% plan and may not be able to afford that. Consult an experienced bankruptcy lawyer.


Chapter 7 bankruptcy is also known as total bankruptcy. It's a wipeout of many (or all) of your debts. Also, it might force you to sell, or liquidate, some of your property in order to pay back some of the debt. Chapter 7 is also called "straight" or "liquidation" bankruptcy. Basically, this is the one that straight-up forgives your debts (with some exceptions, of course).


It is always advisable to NOT reaffirm a mortgage because you would then become personally liable for the debt once more- deprtiving you of the benefit of filing for BK.


There is nothing that "removes" a name from a mortgage. That contract, like all contracts, is relevant until it is completed (paid). However, chapter 7 bankruptcy can discharge the debt. On any joint debt that one party discharges through bankruptcy, the other account holder becomes 100% liable for the balance.



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