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Are mortgages on investment properties discharged under a Chapter 13?

Anonymous

∙ 13y ago

Updated: 11/8/2022

You will not end up owning the property without a mortgage...or not paying the mortgage in full if that's what you mean. The mortgagee will be allowed to foreclose and sell the property it is secured by to recover any loss.

Wiki User

∙ 13y ago

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'm looking to refinance investment property and take cash out. Could you tell what the requirements are for investment property. Thank You?

Eligible Property Types 1- to 4-unit investment property Properties that meet the definition of Condominium Hotels per Guide Sections 42.3 and 42.10 are not eligible Eligible Mortgages If the subject property is the borrower�??s only financed investment property: 15-, 20-, and 30-year fixed-rate mortgages 5- and 7-year balloon/reset mortgages Most standard ARMs A-minus Mortgages If the borrower owns more than one financed investment property: 15-, 20-, and 30-year fixed-rate mortgages 7/1 or 10/1 CMT- and LIBOR-indexed ARMs 7/6-month or 10/6-month LIBOR-indexed ARMs Super conforming mortgages. See Guide Chapter L33 for requirements. Ineligible Mortgages The following mortgages are not eligible for delivery as investment property mortgages: Mortgages with temporary subsidy buydowns Home Possible?? Mortgages Initial Interest?? Mortgages Alt 97?? Mortgages Affordable Merit Rate?? Mortgages Streamlined Refinance Mortgages Seller-Owned Modified Mortgages A-minus Mortgages, when the borrower

When do you get discharged from a chapter 7?

about 4-5 months after filing chapter 7.

Can a creditor come after you 8 years later after a chapter 13 has been discharged?

If the debt was discharged in the BK, no.

What does it mean for a bankruptcy to be discharged?

You may be referring to the discharge of debts in bankruptcy. Not all debts can be discharged. Most discharged debts are partially discharged in Chapter 11 and Chapter 13 actions. Debts or the portions thereof that are discharged no longer exist at law and creditors no longer can attempt collection. It is a "fresh start". You attorney can advise you as to which debts are likely to be discharged, which ones reorganized, and which debts will likely not be discharged.

If you filed chapter 13 bankruptcy and it was discharged can you file chapter 7 bankruptcy now?

Yes.

How soon after a chapter 7 bankruptcy can you buy a car?

The day you are discharged you can buy a car. You need to take proof that you are discharged.

If someone files chapter 13 in 2004 can chapter 7 now be filed?

if you filed chapter 13 and it was discharged in 2005 can you file chapter 7 in 2009

Does a promissory note with a family member get discharged in a chapter 7?

Yes

What are tax implications of debt discharged in a chapter THIRTEEN bankruptcy?

Unless it is a tax debt, none. Discharged debts are not income to the debtor.

Is a car loan discharged under chapter 7 bankruptcy?

Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".

Can you file chapter 13 on child support?

No. Child support is not discharged in bankruptcy.

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