| Author |
Message |
cantget right
Guest
0.10 Dollars($)
|
Post subject: buying a home |
|
|
| can i get a loan to buy a house even if i have filed charter 7 |
|
 |
adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
|
|
Post subject: |
|
|
It depends upon the discharge of your bankruptcy. If 2 years have passed since your bankruptcy was discharged, then you can apply for a FHA loan. If you want a conventional loan, then you'll have to wait for 4 years.
_________________
Procrastination is the enemy of your financial sucess |
|
|
Katlyncutie
Guest
0.10 Dollars($)
|
|
Post subject: Foreclosure |
|
|
If the mortgage company gets a Notice of Default judgement can I still go bankrupt after that to stop foreclosure?  |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
|
|
Post subject: |
|
|
Hi Katlyncutie,
Yes, you can still file bankruptcy to stop foreclosure. However, it would be better if you could speak to the lender and check out the option of deed in lieu of foreclosure. To know more about deed in lieu, check out the following link:
http://www.mortgagefit.com/deed-lieu.html
_________________
Procrastination is the enemy of your financial sucess |
|
|
FevaDiva
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| Can you file for foreclosure or bankruptcy if your savings and income does not show insuffient cash flow? Does the lender or court require you to withdrawal all your savings and forfeit your assets? Will they hunt us down if we have lots of money in our bank accounts, paid-off luxury cars but chooses to walk away from the house due to personal choice? |
|
|
ranalinkbuilder
Joined: 16 Apr 2009
Posts: 8
4.67 Dollars($)
|
|
Post subject: query |
|
|
| in such critical bankrupt condition can we still take legal action against the bank........ |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
|
|
Post subject: |
|
|
Welcome,
To FevaDiva,
Before filing bankruptcy, you will have to pass the means test. If you can qualify the means test, then you'll be able to file Chapter 7 bankruptcy. If not then you may be able to file Chapter 13 bankruptcy. If you walkaway from the property, then the lender will foreclose it and sell off the property. If you cannot pay the deficient amount resulting from the sale of the property, then the lender may garnish your bank account or place lien on other properties.
To ranalinkbuilder,
Yes, you can take legal actions against the bank if you feel that the bank has done anything wrong with you.
_________________
Procrastination is the enemy of your financial sucess |
|
|
admin3
Joined: 26 Jan 2009
Posts: 19
Location: USA
10.10 Dollars($)
|
|
Post subject: Properties in Foreclosure |
|
|
Hi,
Around 30% of the properties in foreclosure were reported as non-owner occupied. This means that the renters were probably displaced in the process, regardless of whether or not they paid on time.
_________________
Mortgage Loan Modification
CDLoanmod.com
800 738 1170 |
|
|
bashoreda
Guest
0.10 Dollars($)
|
|
Post subject: Is foreclosure the answer for us? |
|
|
| When we refinanced our home in 2003 it was appraised at $264,000. Today the SEV is $108,000. Our house payments are VERY high because of taxes on a lakefront house and we are paying interest only. Here's where it gets tricking. Because of health reasons, we took all of our personal investment monies (which was losing thousands every month) and paid cash for a membership in a condo association. They call it a membership because there are no deeds or titles to the actual living spaces but we live in a 2 bedroom condo with a one car garage. We kept the lake house as our primary home because of the taxes. We have had the home on the market since Sept 08 with NO luck at all, not even one single offer. Now we want to "give it back" to the bank. We have talked to an attorney and a debt counselor and both have basically said Chapter 13 Bankruptcy is not a good choice for us (our total "other" debt is about $21,000 this includes car and credit cards). Our problem is we have basically moved out of the primary home to be closer to my work during the winter....we would consider partially moving back to the lake house for the summer but it would be a lot of work and neither of us is young any longer (mid-fifties). Can we just quit paying and admit to the bank that we have another place to live? Do we move back to the lake house and then let the bank foreclose on it? Will we have to pay the difference from what we owe and what the bank can ever get out of it? We're very confused about what to do. We don't mind the fact that our credit will not be great as we can probably pay cash for most everything once we get out of the $1,640 a month mortgage payment for a house we no longer live in. Thanks. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
|
|
Post subject: |
|
|
Hi bashoreda,
Rather than letting the lender foreclose the property, it would be better if you could apply for a short sale or a deed in lieu. However, you should note that the lender will accept your request only if you are delinquent on your payments.
In your situation, I feel deed in lieu will be the best option. Though it will lower your credit score by 250 points, you will not be liable to pay the deficient amount. |
|
|
Ponderance
Guest
0.10 Dollars($)
|
|
Post subject: Transfer of Deed for Protection |
|
|
| My parents own two homes. They paid in full for the second home, though some of the money is financed through the first home. The first home has lost substantial value and they may foreclose this year. Will transfering the deed of the second home to my name help "protect" the second home while they willingly lose the first home? |
|
|
dumbdumb
Guest
0.10 Dollars($)
|
|
Post subject: bankrupcy |
|
|
I filed bankrupcy 5yrs ago. I,m having troubles paying my house. Can i file bankrupcy against my house now  |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
|
|
Post subject: |
|
|
Hi!
Welcome to forums!
To Ponderance,
Transferring the property now just to save it from the lender may be considered as a fraudulent activity. You can suggest your parents to go for a deed in lieu. If the lender accepts their offer, then they will not be liable to pay the deficient amount. However, your parents' credit score will get lowered by 250 points.
To Guest,
What type of bankruptcy did you file - Chapter 13 or Chapter 7?
Sussane |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7129
Location: bloomfield, ct
18.93 Dollars($)
|
|
Post subject: |
|
|
i suspect that the transfer of the property in Ponderance's situation may be less difficult than you noted, sussane. that's not to say that it could be construed as fraudulent. however, the foreclosure is not going to be on that second home property, but on the primary residence.
i doubt the lender would attempt to take action against that home to begin with, but i think the transfer from parents to son would not lead to any legal action. check with a lawyer, Ponderance, but my guess is that it will work out fine for you.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
|
|
MarilynF
Guest
0.10 Dollars($)
|
|
Post subject: Foreclosure/Bankruptcy |
|
|
| My husband and I are in the process of filing Chapter 7. We are also 3 months behind on mortgage. We were working with our mortgage company (US Bank) for a loan modification. They wanted to raise our house payment $300 a month to pay off our arrearage. This isn't possible for us. Is our home included in the Chapter 7? Will our home be foreclosed anyhow and will we be responsible for the deficiency amount (I'm sure there will be one!) after the Sheriff Sale? Any advice/knowledge would be greatly appreciated! Btw, we live in Michigan. |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 Next 
