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You filed chap 7 bankruptcy 6 years ago and have been making payments can you give back the home to the lien holder without going through foreclosure?
Wiki User
∙ 9y ago
You can give back the home to the lien holder without going through foreclosure. You just need to make arrangements with the lender. It is not smart at this point to surrender your house after so many payments.
Wiki User
∙ 9y ago
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What kind of options are available for me to stop foreclosure on my house?
Your best option would be to higher a bankruptcy attorney. They can provide assistance in this area even without a decleration of bankruptcy. In fact, often a letter from your attorney threatening bankruptcy will be enough to bring your mortgage holder to the bargaining table, as bankruptcy would automatically stop the foreclosure proceeding and put it in the hands of a judge. If you wish to stop foreclosure on your house, then you have one of two options. Either 1) contact your mortgage company, and attempt to lower your monthly payments, or 2) speak with an attorney, and hope that you have a case.
What if your daughter bought a home with her grandmother as a co-signer she now faces foreclosure should she file chapter 13 bankruptcy how does all this effect her grandmother?
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed without financial input from the grandmother, it will be up to her to let it go forward and lose the house. Either way, the fact that the house is in foreclosure will affect her credit score.
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
The homestead exemption can protect your home equity in Chapter 13 bankruptcy from being used to pay off creditors. If the Chapter 13 case is dismissed, the homestead exemption may still provide some protection against foreclosure by allowing you to keep a certain amount of equity in your home. However, without the structure of the Chapter 13 repayment plan, you may still be at risk of foreclosure if you are unable to catch up on missed mortgage payments.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?
The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.
What does bankruptcy do to you?
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
What is a foreclosure dismissal?
Foreclosure dismissal is a simple foreclosure challenge that can be filed to the foreclosure complaint even without an attorney.Added: A foreclosure dismissal is a court order dismissing a foreclosure action.
Papers were filed with court in Indiana to start foreclosure but then I filed bankruptcy can the lender get a dificiency judgment even if I turn the house over to them?
There are a number of issues to this question -- first the foreclosure lawsuit filed in the courts followed by the bankruptcy petition, and the turning over of the house to the lender and the possibility of a deficiency judgment. First of all, the foreclosure process that the bank initiated against the homeowners has been stopped by the bankruptcy filing, as long as it was a Chapter 13 bankruptcy and the mortgage was included. Filing a Chapter 7 to liquidate debts does not affect the status of the house loan, since it is a secured loan and can not be discharged through bankruptcy. The automatic stay of any collection efforts in a Chapter 13, however, puts all foreclosure proceedings on hold until the bankruptcy is dismissed. If the homeowners are able to complete the payment plan, they will have paid back the arrears on the mortgage and reinstate the loan, and the lender will not be able to sue for foreclosure any longer. Also, if the homeowners fall behind on the bankruptcy payments, the bank will most likely have the stay released and proceed with the foreclosure. In terms of giving the house back to the bank through a deed in lieu of foreclosure, this can not be done while the house is still locked up in the bankruptcy courts. Homeowners can begin to negotiate a deed in lieu with the lender, but they will not be able to transfer ownership to the mortgage company without voluntarily dismissing the bankruptcy. It is better to have this type of deal fully negotiated with the lender before releasing the stay. Once the deed is transferred back to the lender, there is no chance for a deficiency judgment against the homeowners. This is for a couple of reasons. First, the bank accepts the deed as payment in full of the mortgage loan, so there is actually no deficiency. The house is not auctioned off for less than the total amount owed -- the bank accepts ownership as payment in full. Second, the deed in lieu is a direct transfer of the property with no real money involved -- there is no transaction where the bank could claim they are owed more money. Unless the homeowners agree to pay more (which they should not have to do), the bank has no real claim to anything extra.
What does dismissed without prejudice mean when you are in foreclosure?
dimiss the foreclosure action without prejudice and release the lis pendens! what does this means please!
What does becoming bankrupt prevent you from doing?
Declaring bankruptcy prevents you from using credit cards, obtaining credit over $500 without contacting the creditor, and making payments directly to your creditor. Declaring bankruptcy is a very serious matter and is one you shouldn't choose to do without a lot of consultation on your financial providers part.
What are the risks of buying houses in foreclosure?
There are several risks of buying houses in foreclosure. Some of these include: the house may be messy and need a lot of additional repairs, you may end up with an exotic loan mortgage with soaring payments, and it may be difficult to secure a mortgage without a large down payment.
