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Claudia
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0.10 Dollars($)
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Post subject: Bankrutpcy |
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When you file, do they request copies of your tax returns from the IRS, and if they do, why do you have to make all the copies. That can get a little expensive.
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hey Claudia,
It's necessary for you to submit copies of all the tax returns from the IRS. It is a requirement which you need to fulfill while you are filing bankruptcy. It is better to keep the original tax returns with yourself and give the copies as you may require the original tax returns for any other purpose.
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Procrastination is the enemy of your financial sucess |
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Ruby Diaz
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0.10 Dollars($)
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Post subject: Quick claim dee |
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Hi. I am tray to get solution to my problem.
I have two propertys one is my home the other was an invertion to my and my husband. Then, the second is in foreclosure My question is this Quick claim dee to my husband protect my primary home from creditors or is better to do bankruptcy. before the foreclosure.
Thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi Ruby!
Welcome to forums!
Filing a quitclaim deed to transfer the property to your husband may be considered as a fraudulent act. You may be penalized for it. You may file a bankruptcy and get your debts discharged through it. But you should note that filing bankruptcy will leave a negative mark on your credit report and lower your score by 200 points.
Feel free to ask if you've further queries.
Sussane |
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ruby3636
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0.10 Dollars($)
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Post subject: Chapter 7 |
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| If not reaffirming my home in chapter 7, can I still pay by check over the phone for my house payment? Sending it in I'am afraid my payment will sit on a desk and be late at their company. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi ruby!
Welcome to forums!
It will be better if you could reaffirm the loan and then pay off the dues. This will help you in improving your credit score after Chapter 7. The lender will report your payments to the credit bureau once you reaffirm the loan. If you do not want to reaffirm the loan, it will be better if you could surrender the property to the lender.
Feel free to ask if you've further queries.
Sussane |
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JLM
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0.10 Dollars($)
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Post subject: Filing a Chapter 7 while in a Reverse Mortgage |
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| My father has recently passed and my Mother is in a Reverse Mortgage and must keep her home. Now she needs to file a BK due to loss of income and the amount of consumer debts. What happens since the equity that would be in the home is eaten up by the Reverse Mortgage over the amortization of the loan? Does this need to be reaffirmed as well or how does |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi JLM!
Welcome to forums!
Real estate is valued the same way in case of a reverse mortgage compared to properties with other sorts of mortgages for purposes of bankruptcy. A reverse mortgage is a lien against the value of the property that will affect the equity of the property. However, as the concerned person is filing bankruptcy, it will depend upon the reverse mortgage lender whether or not they would provide the line of credit to the borrower under the terms of the original reverse-mortgage agreement. This will depend upon various factors like the amount of credit remaining in the line of credit, the business strategy of the finance company etc.
Feel free to ask if you've further queries.
Sussane |
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Gracita
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0.10 Dollars($)
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Post subject: Bancruptcy law in Australia |
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| Me and my husband filed bankruptcy last Oct.14,2006 not including our house w/c we are still paying. We should pay the trustee 11000aud that time to buy our house from them. We were only able to pay them 5000aud. They told us that we can pay the remaining 6000aud in 3 years time before we get discharge. Now, we talk to them if we could get dischrge by oct.14 if we will going to pay the 6000aud we owe the. They say no and it will depend now on the equity that we have with our house. So for instance we have 40000aud equity to our house then tehy will going to aask us to pay that 4000aud and noit the 6000aud anymore or else they will going to sell our property. Is this right? Can someone please help us. W e realyy don't what to do at the moment. we've got 3 children & we have no relatives here. Honestly, we are already thinking of committing suicide. We are so depressed and hopeless with our present situation. At the moment, both of us are lose our job and we are in the process of job searching. Please, any information will be of great help and eppreciated. Thanks |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hey Gracita,
Don't get depressed or hopeless! There are a large number of people who are going through a similar situation. Getting depressed or committing suicide will not help you in any way. You'll have to be patient and this situation will also pass.
If the trustee has said that the payments would depend upon the equity you have in the house, then you will have to believe him. Why don't you contact the trustee and ask him to clear your doubts? He would be the best person to help you with your queries.
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Procrastination is the enemy of your financial sucess |
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jsky
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0.10 Dollars($)
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Post subject: |
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| What if you have had a divorce in which you have had nothing to do with the house in 2 years, and found out that it was going into foreclosure? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi jsky,
If your name is not on the mortgage, then you do not have to worry about the foreclosure. But, in case, if your name is mentioned in the mortgage documents, the lender may sue you for the deficient amount after the foreclosure. Also, your credit would be badly affected. Your credit score will get lowered by 250 points.
Thanks |
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Christy
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0.10 Dollars($)
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Post subject: Bankruptcy |
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| Can you file Bankruptcy and in the process give your house back to the mortgage company if you can not pay for it.? I live in Louisiana. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Christy,
Once your file bankruptcy, the court will issue an automatic stay and your creditors won't be able to sue you for the dues. If you file Chapter 7 bankruptcy and do not wish to reaffirm the loan, you can simply surrender the property to lender who would sell it off to recover the dues. However, if you file Chapter 13 bankruptcy, then the lender would give you a payment plan to pay off the dues. You'll not have to surrender the property.
Thanks |
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onion
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0.10 Dollars($)
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Post subject: mortgages |
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| my own home is worth less than i owe, my name is on my daughter house and its worth 100,00 more than we paid can she keep her house .i want to loose my house, but she should not have to suffer for my stupid acts |
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