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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: reply to needhelp |
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Hi guest,
Welcome to our forums.
You can file Chapter 13 whenever you want. But at the same time, there shouldn't have been any dismissal from abankruptcy case within a year of filing chapter 13.
Good luck
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Mortgage Shopping made easy with booklet |
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madeline
Guest
0.10 Dollars($)
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Post subject: live in pennsylvania,have second home in florida |
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| we need to no the law if we foreclouse or a deed in liue,are we in danger of l ooseing our property & assets in pennsylvania |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: |
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Hi madeline,
In the state of Pennsylvania, you may be charged with deficiency judgment in case the home sale price (if the lender forecloses) isn't enough to recover the amount you owe. However, if you go for deed in lieu, no deficiency payment will be asked for.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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FRUITLOOP
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0.10 Dollars($)
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Post subject: |
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| IF YOU'VE GONE THRU FORECLOSURE AND THERE IS A DEFICIENCY JUDGEMENT, CAN IT BE DISCHARGED UNDER BANKRUPCY? THANKS |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Welcome FRUITLOOP,
The deficiency judgment can be discharged through bankruptcy. But the best way is to pay it off. This is because bankruptcy will drop down your credit score further. What type of bankruptcy are you willing to file? and how much is the deficiency payment?
Thanks. |
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BOUNCERBOY
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Post subject: already in bankruptcy and unable to make mortgage payments |
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| We are already in bankruptcy for the last 1 1/2 years and due to major medical bill are unable to make mortgage payments for at least the next 2 months. HELP! |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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Hi bouncerboy,
Welcome to the forums.
What type of bankruptcy have you filed? Is the mortgage included in it? Since you're 2 months behind, you can request the lender for a work out plan if you haven't included the mortgage in the bankruptcy.
There are several loss mitigation options or work out plans available with lenders. You need to negotiate with them regarding the option that you'd like to choose. Just check the loss mitigation options so that you'd get an idea on what it's all about.
May god bless you.
Samantha
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Know how to compare lenders with mortgage booklet |
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Swan
Guest
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Post subject: VA Deed in Lieu of Foreclosure |
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| We are 1 week into foreclosure and we are trying to determine the best route to take as far as credit reputation is concerned. The loan is in my husbands name alone and he has been laid off indefinitely for the last several months. Do you think it would be better for him to do a deed in lieu being that he cannot afford the property or should he file a BK 7 (no way to file BK 13, income is very limited). This is a VA loan. Thanks for your feedback! PS we have had a loan mod already which went into default when he was laidoff. Originally he had to take a massive pay cut which caused for the loan mod request. |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: |
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Hi Swan
I think your husband should first try for either a deed in lieu or a short sale rather than filing Chapter 7. Both short sale and deed in lieu foreclosure are similar processes. You will have to give the property to the lender and he will give you a mortgage release certificate. The lender will then sell off the property to recover the debts.
There are chances that there will be a deficient amount from the sale of the property. In deed in lieu, the lender will forgive the deficient amount whereas in short sale you will have to pay back the deficient amount to the lender.
To know more about deed in lieu and short sale, check out the following links:
Avoid Foreclosure with a Deed-in-lieu
Short Sale Affects Credit Score - how many points do you lose?
Thanks.
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Good is the Enemy of Great. |
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anonymous222
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Post subject: foreclosure |
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| I am voluntarily giving up my home as my husband has moved out due to marital problems. The mortgage is in my name and I cannot file bankruptcy for another 2 years. If my home goes into foreclosure and my lender wont forgive the difference how am I taxed and how do I pay. If there is a deficiency of say 40,000. Do I pay all of this or do I pay a taxed amount |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi anonymous,
You should contact with the lender and check if you can get the options of either short sale or a deed in lieu foreclosure. In case of deed in lieu foreclosure, the deficient amount will be forgiven. But you will have to pay taxes on this forgiven amount as it will be considered as your income by the IRS. In case of short sale, you will have to pay the deficient amount to the lender.
Thanks,
Jerry |
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petrina
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Post subject: foreclosure impact on mutiple rental properties |
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| Does foreclosure of one rental property affect other rental properties that I still own? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Post subject: |
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Hi petrina!
Welcome to forums!
After the lender forecloses the property, there may remain a deficient amount from the sale of the property. If you cannot pay this deficient amount, the lender will have the right to place liens on your other rental properties.
Feel free to ask if you have further queries.
Sussane |
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CONFUSSED WITH RENTALS
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Post subject: WITH CHAPTER 7 CAN THE JUDGE ALLOW YOU TO KEEP RENTAL HOMES |
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HELLO,
WE HAVE 4 RENTALS 2 ARE UPSIDE DOWN WITH RENTS AND VALUE,
2 HAVE LONG TERM RENTERS AND VALUE IS AT WHAT THE APPAISAL
WOULD BE. THESE WERE SUPPOSE TO BE OUR RETIRMENT. IS THERE
ANY THE BANKRUPTCY JUDGE WILL LET US KEEP 2 HOMES.
WE ARE BOTH LAID OFF FROM WORK WHICH IS WHY THE 7 INSTEAD OF
13.
THANK YOU,
CONFUSSED |
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Guest
0.10 Dollars($)
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Post subject: |
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| You may be able to save your property if you reaffirm the debts after you get discharged from Chapter 7. |
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