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mortgageproblems
Guest
0.10 Dollars($)
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Post subject: foreclosure and bankruptcy |
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| Can a mortgage company proceed in foreclosure proceedings after someone has filed bankruptcy, even if the debtor says they'll turn over the house as part of the bankruptcy? How should this be noted on the debtor's credit report? |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Welcome Guest.
The mortgage company cannot foreclose after the homeowner has filed the bankruptcy. Have you filed chapter13 or chapter7? If you have filed chapter13 then you will pay the lender off with a repayment plan and if you have filed chapter7 then all your non-exempt properties will be sold to pay off the mortgage company and other creditors.
| Quote: | | How should this be noted on the debtor's credit report? |
It will depend upon the kind of bankruptcy you have filed. If you have filed Chapter 13 Bankruptcy then it will stay on your credit report for 7 years and if you have filed Chapter7 Bankruptcy then it will remain on your credit report for 10 years.
Let me know if you have any further queries.
_________________
Good is the Enemy of Great. |
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rollingthunder
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Post subject: ch13 will it effect the lease to own contract i am in? |
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| Because of a previous ch 7 and a whole slew of new medical bills and have got behind on my car payments I need to file a 13 will this effect my lease option agreement? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: |
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Hi rollingthunder,
I don't think chapter 13 would affect your lease to purchase option if you keep making payments at the right time. But i would suggest that you talk to your bankruptcy attorney once.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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morewitt
Guest
0.10 Dollars($)
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Post subject: |
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| I cannot keep my home so if I file bankruptcy does it pay off entire mortgage |
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morewitt
Guest
0.10 Dollars($)
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Post subject: |
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| I have to file chapter 13 does the bankruptcy pay off entire mortgage |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Post subject: |
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Hi morewitt.
Welcome to the forum. Chapter13 will not pay off your entire mortgage amount. you will have to pay the mortgage with an repayment plan. I have answered your question at http://www.mortgagefit.com/bankruptcy/chapter13-payinfull.html
Please take a look at it. Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 813
Location: OHIO
194.41 Dollars($)
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Post subject: RE: does bankruptcy pay down loan? |
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Hi Morewitt,
Welcome to our forums.
The chapter 13 will not pay down your loan. It will provide you with a repayment plan with which you can pay down the arrears in your mortgage or the entire loan depending upon how much you owe. Check out if you qualify for chapter 13 .
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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rollingthunder
Guest
0.10 Dollars($)
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Post subject: ch13 |
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| How will a 13 effect me getting a loan to buy the house when it is time? I am in a 4 yr lease option we have lived here for 1 yr in Oct 08 |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: buy a home after chapter 13 |
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Welcome rollingthunder.
How long is it before you have filed chapter13? why type of debts are included in it? have you received a discharge yet? depending upon when you receive the discharge, you can qualify for a home loan. Usually one gets a conventional loan 2 years after receiving the discharge. But if it's an FHA loan, chances are, you can qualify at a favorable rate 1 year after getting the discharge.
Thanks. |
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worried
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Post subject: what is better for me to do with rental homes |
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| My husband has a few rental homes and we have two that we have been trying to sell or rent for the last 2 1/2 years and we can't get them to move. We have been strapped for to long with them and we can't make it anymore. What do we do file bandruptcy or foreclose on them? Please help. These homes are in my name and not my husbands |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: bankruptcy or foreclosure on rental homes |
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Hi guest,
I guess you have mortgages against your rental homes and that's what is bothering you more than anything. Well, how much of debts are you yet to pay off? Isn't there any other way you can pay off at least few of the loans? would you be comfortable making payments after filing bankruptcy Chapter 13? |
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sheila
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Post subject: bankruptcy 7 |
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| if i file chapter 7 will there be a forclosuer on the credit as well as the bankruptcy. |
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needhelp955
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Post subject: bankruptcy |
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| Can I file a Chapter 13 after 3 years of filing Chapter 7? |
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Mac_7
Guest
0.10 Dollars($)
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Post subject: |
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Sheila,
If the lender or mortgage company forecloses after you have filed bankruptcy, well then both the negative items will get reflected on your credit report. |
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