0
Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.
What else can I help you with?
Does bankruptcy clear second mortgage loans?
Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
I filed chap 13 bankruptcy which did not include your home or car only credit cards and the both your mortgage co and your home equity line of credit were frozen can they do this?
You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to have your attorney bring the mortgage and HELOC into your plan.
Does the bank have to refinance you if you file a value of collateral in a chapter 7 for what the house is worth?
No, it does not. But there may be a change in the law allowing a "cram down" of mortgages, as there used to be in bankruptcy.
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
Where online can one find the average rates for Canadian mortgages?
Canadian Bank Rate Mortgages and Loans is a site that an individual can go to in order to determine what the average rates are for purchasing property in Canada.
What are the rules for bankruptcy in Canada?
For the rules for bankruptcy in Canada you can check Wikipedia or Bankruptcy Canada. It is also a good idea to check with a debt solutions company or your accountant.
What has the author Austin B Griffin written?
Austin B. Griffin has written: 'Supplement to Digest of the bankruptcy decisions under the National bankruptcy act of 1898' -- subject(s): Law reports, digests, Bankruptcy 'The law of chattel mortgages and conditional sales' -- subject(s): Accessible book, Chattel mortgages, Conditional Sales 'The law of chattel mortgages and conditional sales under the Uniform conditional sales act, adapted to New York state' -- subject(s): Chattel mortgages, Conditional Sales
Can you file bankruptcy if I am not in Canada?
I guess so. My uncle filed for bankruptcy and he's never been to Canada in his life.
Will filing for bankruptcy reduce the principles on student loans and mortgages?
No, filing for bankruptcy does not discharge or reduce the principle on student loans, though the bankruptcy process may put 'recovery attempts' on temporary hold. Regarding mortgages, filing bankruptcy will potentially discharge your debt, though you may lose your home unless you choose to file a Chapter 13, which will allow you to consolidate debts and retain your home if you so choose.
How does a bankruptcy affect first and second mortgages?
This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
What fixed mortgage rate is offered in Canada?
"There are different kinds of fixed mortgages that are offered in Canada, such as 1-, 3-, and 5- year fixed mortgages. The going rate is around 3.5 %, but varies depending on the market, etc."
Can you get a loan after bankruptcy in Canada?
After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.
Does bankruptcy clear second mortgage loans?
Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
I filed chap 13 bankruptcy which did not include your home or car only credit cards and the both your mortgage co and your home equity line of credit were frozen can they do this?
You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to have your attorney bring the mortgage and HELOC into your plan.
Is bankruptcy in Canada ruin chances for getting us green card?
No
Does the bank have to refinance you if you file a value of collateral in a chapter 7 for what the house is worth?
No, it does not. But there may be a change in the law allowing a "cram down" of mortgages, as there used to be in bankruptcy.
