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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 else can I help you with?
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
Can the mortgage company call the mortgage early When making payments on time or early if the bank is in financial distress can they call early?
You need to refer to your specific loan documents, but typically the morgage company can not accelerate your loan unless you default on the payments.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What does it mean to reaffirm a mortgage and how does it impact the borrower's financial obligations?
Reaffirming a mortgage means agreeing to continue making payments on the loan after a bankruptcy. By reaffirming, the borrower remains responsible for the debt, keeping the house but also the financial obligation to repay the loan. This can impact the borrower's financial obligations by ensuring they must continue making payments on the mortgage, even if they have filed for bankruptcy.
Can the mortgage company call the mortgage early When making payments on time or early if the bank is in financial distress can they call early?
You need to refer to your specific loan documents, but typically the morgage company can not accelerate your loan unless you default on the payments.
When your private mortgage holder dies how do you make payments?
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
Can daughter continue to pay mother's mortgage after notifying the mortgage company?
I assume you notified the mortgage company that the daughter is making the monthly mortgage payments on behalf of the mother. If that is the case, the daughter really isn't benefitting from making these payments from the credit agencies, proving mortgage history, and establishing credit on her own. Essentially, the mother would have to refinance the loan to get the daughter on the mortgage with her in order for the daughter to benefit. Even a quit claim deed would only add the daughter to the title, and the mother would ultimately be responsible for the monthly mortgage payments. I hope this information helps. Regards, Total Mortgage Services
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
If you file for bankruptcy and you cosigned for someone can the car loan be included in the bankruptcy if the person is not making their payments?
YES, you can include it whether the payments are current or not.
My sons have been making the mortgage payments the last 6 months based on the loss of my business I want sell the house to them at the value price of the home not my mortgage amount how do I do this?
Contact your mortgage company about doing a "short sale".
What is the difference between making biweekly mortgage payments and making extra principal payments?
Making biweekly mortgage payments involves paying half of your monthly mortgage payment every two weeks, resulting in 26 half payments per year instead of 12 full payments. This can help you pay off your mortgage faster and save on interest. On the other hand, making extra principal payments involves paying additional money towards the principal balance of your mortgage, which can also help you pay off your mortgage faster and save on interest. In summary, the difference is in the frequency and structure of the payments, but both methods can help you save money and pay off your mortgage sooner.
If you're buying your home which is not in default but you file bankruptcy on all your other debt would you be allowed to keep making the payments and keep the property or do you have to claim it?
You may have to make reaffirmation to the mortgage holder.
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.
Can a mortgage be released in a chapter 7?
Yes, a mortgage can be released in a Chapter 7 bankruptcy, but it typically depends on the specific circumstances of the case. While Chapter 7 can discharge personal liability for the mortgage debt, it does not eliminate the lien on the property itself. If you choose to keep the home, you will need to continue making mortgage payments; otherwise, the lender can still foreclose. It's advisable to consult with a bankruptcy attorney to understand the implications for your situation.
