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mm
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0.10 Dollars($)
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Post subject: Husband died and the house was in his name almost in foreclo |
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can I file bk13 in my late husband name if he is on the deed of the house? What are my otions in order to svae the house. I just was discharge from BK7 this Month May 2010. Would I be able to assume the loan?
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi mm!
Welcome to forums!
You won't be able to file bankruptcy in the name of your deceased husband though his name is mentioned on the deed. you will have to file an affidavit of heirship at the county recorder's office and transfer it in your name. Once the property is transferred in your name, you may be able to assume the loan. However, it will be the lender's discretion whether or not he will let you assume the loan as you had filed for bankruptcy.
Feel free to ask if you've further queries.
Sussane |
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ALynn
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0.10 Dollars($)
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Post subject: FL Bankruptcy |
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| Hi everyone. I was wondering if you filed Ch7 received a discharge, If your property is foreclosed on after the BKC are you safe from getting a deficiency judgment? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi ALynn!
Welcome to forums!
If you haven't reaffirmed your mortgage while you were in bankruptcy, then the lender will not be able to come after you for the deficient balance resulting from the sale.
Feel free to ask if you've further queries.
Sussane |
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jonnypopr
Joined: 26 Jun 2010
Posts: 1
1.19 Dollars($)
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Post subject: BK and taxes |
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| In the crash our house lost $150k in value. We are behind on payments and are considering letting it go back to the bank. But, if we have to pay taxes on the $150-$200K, we can not afford that either, we would be living in our car. Are we better off declaring bankruptcy? Would that forgive the tax liability? Has the tax liability forgiveness bill of 2007 expired? I see conflicting information. We are not 100% on keeping the house. HELP! |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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| As you want to get rid of the property, it is better to apply for a deed in lieu of foreclosure. You will be able to sell off the property and won't be liable for the deficient balance even. Also, the Mortgage Debt Relief Act is still in vogue and you won't be liable for paying the taxes for the forgiven debt. |
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ForeClosureKillers
Joined: 28 Jun 2010
Posts: 3
1.76 Dollars($)
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Post subject: Help for a over zealous client |
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hello...
I have a client that I am advising on strategies and solutions to use to better his credit history. Unfortunately, like many people he wants a FAST fix for a problem its taken him years to create.
I've told him this will take at least 6 months though there are some things he can do to see positive changes withing 30 to 45 days...
But he has contracted with a company that provides pre-constructed homes in the FL area. They've poured the foundation and are ready for a walk-thru to close...But he doesn't have the scores he needs and they are all looking at me for answers...
Is there anything I can advise them to do besides what I have been saying, "Sorry, it's a process and it takes time."
He, his wife and children will lose this house they love so if I don't pull a rabbit out of my hat--but I'm fresh out of magic.
Any ideas?
(I fully understan dif there are none....It's just good to have a place to vent--) |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
With a low credit score, it would not be possible for your client to get a mortgage to buy the said property. Your client will have to wait for some time and get his credit scores improved. Once his scores get improved, he can qualify for loans.
Feel free to ask if you've further queries.
Sussane |
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daniellewendeburg
Joined: 30 Jun 2010
Posts: 1
1.14 Dollars($)
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Post subject: Foreclosure Vs Bankruptcy |
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This is one of the best post i have seen. I didn't know much about bankruptcy before. But this sure will help me in doing my business good. I must thank the person who has posted it.
_________________
Houston refinancing
Houston home loans
Houston Mortgage |
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Sportsmom1997
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0.10 Dollars($)
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Post subject: What happens to my house after Chapter 7 Bankruptcy? |
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| We filed chapetr 7 bankruptcy and we included our house in the bankruptcy. We were cleared in Dec yet the bank has still done nothing with the house. We have moved out of the house and I just finally turned off the water & PG&E but can I stop the insurance? Are we still legally the owners. I want to be done with it and move on but we had Countrywide and now it transfered to BofA. What do I do?? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Sportsmom,
Have you surrendered the property to the lender? If not, then you would still be considered as the owner of the property. You should formally surrender the property to the lender and ask them to sell it off in order to get rid of it. Once you surrender the property, then you may stop the insurance.
Take care. |
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kristinthomas21
Joined: 06 Aug 2010
Posts: 5
2.00 Dollars($)
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Post subject: |
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If you want to save the properties, you can accept the loan and pay off regularly. After confirming the loan, it must be personally liable for mortgage payments. However, if you do not confirm the loan, are not liable to pay. Lender closes the property and collect taxes.
_________________
Manakin Sabot Va real estate listings |
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mbv
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Post subject: Question on Bkcy 13 |
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| I filed for a Chap 13 and included my home, car and credit cards - I wanted to know if I could consider taking back my home back - I haven't live there for a year and it's going through Foreclosure but the bankrupcy courts have contacted the mortgage company from my understanding. How would this work since I am considering keeping my home - the paperwork is suppose to be finalized by the end of this week... would I still be able to save the home? even if I havn't lived there in a year. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi mbv,
Chapter 13 will help you in reorganizing your debts. You will be able to save your home though it is included in your bankruptcy filing. The lender will give you a payment plan depending upon your financial situation. If you pay off the dues as per the payment plan, you would be able to save the property.
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Procrastination is the enemy of your financial success |
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Twice Mortgaged
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Post subject: 2 homes |
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| We bought a house before the other one sold. Now we want to move back to the first house because it is affordable while the new house isn't. Can you file bankruptcy on just one mortgage and nothing else? |
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