answersLogoWhite
Debt and Bankruptcy
Mortgages
Home Equity and Refinancing
Commercial Property

Your Ch 7 bankruptcy was discharged 10 weeks ago and you have a large balloon payment due on your equity in less than a year and are unable to pay the balloon payment can we get financing for this?

789

Top Answer
User Avatar
Wiki User
2014-09-18 00:17:51
2014-09-18 00:17:51

You will probably not be able to find someone to finance you for this. You may find a high interest loan broker to lend you money in the short term or a collateral type of loan.

1

Related Questions

User Avatar

Yes, student loans can not be discharged in bankruptcy. You can consolidate your loans and get a smaller payment.

User Avatar

A balloon payment calculator is not actually in the shape of a balloon. It is used to calculate a balloon payment; it is called a balloon payment because of its size.

User Avatar

A Balloon Payment is a large payment due at the end of a mortgage or loan period. Therefore, a Balloon Payment Calculator will help you to predict what you will owe on your Balloon Payment.

User Avatar

I have a balloon mortgage payment and i lost my job how can i get help

User Avatar

You can voluntarily repay any creditor whose debt was discharged. Do not enter into a payment plan, or make regular payments, or you may reinstate the debt.Bankruptcy only prevents the creditor from taking any action to collect the debt. It does not prevent you from paying.

User Avatar

The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.

User Avatar

A balloon payment is an unusually large payment due at the end of a mortgage or loan.

User Avatar

Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.

User Avatar

If you signed a reaffirmation agreement in bankruptcy, but the court discharged that agreement, the lender will come to take the car. This will occur even if you're currently up to date.

User Avatar

Yes. in support with your bankruptcy lawyers experts.

User Avatar

You need your Bankruptcy Chapter 7 to be discharged first before getting a loan to buy a house. Most lenders require two to four years of re-established credit before they will consider making you a loan. However, many lending sources are competing today to make loans to borrowers with less-than-perfect credit even if you have had your Chpter 7 discharged less than two years ago. You may need to put down a sizable down payment,and have sufficient income to qualify howevevr. there are some mortgage lenders that will allow one day out of bankruptcy with 100% financing

User Avatar

No, a creditor is required to file a claim if seeking payment, otherwise that claim is considered waived. So in this case. if there was no claim, then it was waived and the debt discharged. But even if it was filed, it would have been discharged in the business BK.

User Avatar

The Balloon Payment Calculator is a very fast and flexible loan calculator which also handles balloon payments.

User Avatar

That decision is made by the lender not the bankruptcy court.

User Avatar

i believe that Bankruptcy planning should be done before the final divorce decree is obtained. This way your required payment of joint debts may be discharged without violating a court order.

User Avatar

my brother filed then got married she has good credit but no job. they bought one a year after he filed but had to have a large down payment.

User Avatar

If the home was part of the bankruptcy - possibly. It all depends on what the wording of the mortgage agreement may be.

User Avatar

Chapter 13 is "reorganization" plan for payment. Student loans were within the plan for payment? or were they discharged within another bankruptcy? normally student loans are not dischargable, (11 U.S.C. sec. 523(a)(8) bankruptcy:) there are two exceptions: 1: loans are not from any governmental agency unit or non profit 2: paying the loan will impose an undue hardship to dependents.

User Avatar

The balloon payment calculator takes into account your balloon payments, or your large usually last payment of your loan, and meshes it with your current loan and additional payments.

User Avatar

there are many sites where you can read useful information about balloon payment calculator

User Avatar

how would a balloon payment effect interest on a loan

User Avatar

This would be the best case scenario for your credit report, but it does not happen automatically. Hopefully, your bankruptcy attorney was diligent about informing all creditors included that their debts were discharged. If not, and you still have derogatory information showing that was included and discharged in a bankruptcy; then you need to send letters of dispute to the creditors and the credit bureaus. Follow up to make certain that nothing shows on your credit report except for the legal entry of bankruptcy, its disposition (the discharge) and all trade lines have no negative information except for the "included in..." or "discharged through..." notation.

User Avatar

If bankruptcy is over and the debt was discharged, they creditor is forever barred from taking any action to collect the debt. If the bankruptcy is still pending, the debtor cannot contact you without permission from the bankruptcy court. In either case, you may have a claim for damages against the debt collector.

User Avatar

Long as you put it in your reaffirmation so that it will not be part of your bankruptcy you will be able to keep it. Same thing as with a house. Just as long as it was part of the agreement that it was not included in your bankruptcy then you are o.k.

User Avatar

A balloon payment is a large, lump sum payment made either at specific intervals, or more commonly, at the end of a long-term balloon loan. Balloon payments are most commonly found in mortgages, but may be attached to auto and personal loans as well.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.