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jameshogg
Joined: 20 Dec 2005
Posts: 6933
Location: Nevada
475.17 Dollars($)
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Hi Marilyn,
Yes, you can include your house in Chapter 7 bankruptcy. Your mortgage will be discharged. Once you file bankruptcy, there will be an automatic stay and your lender will not be able to foreclose the property. After the bankruptcy discharge, you can reaffirm the mortgage and start paying it off. This will help you in saving your property and improving your credit.
Thanks |
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shelby
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Post subject: bankruptcy or chapter 13? |
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| I am 2 almost 3 months behind on my mortgage payments. i also have a car and other loans and credit cards. all of which are falling behind. im trying to pay them all , but i cant seem to make enough money to pay them all when they should be paid. so everything seems to keep falling behind. so my credit is taking a really hard hit. |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Hi shelby,
You can file for Chapter 13 bankruptcy. This will help you in discharging the credit card debts. Apart from this, you will also be able to save your property. Once your bankruptcy is discharged, the lender would give you an alternative payment plan depending upon your financial situation. If you make payments according to that payment plan, your property will be saved.
_________________
Procrastination is the enemy of your financial success |
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aztec4eight
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Post subject: Timeshare issue in California |
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I have maintianed my house payments on time by having the payments automatically deducted and everything else is current. Should I file for bankruptcy?
I had difficulties paying my timeshare and other credit card debt since the mortgage company changed the monthly payments for my impound account-I was hit an additional 500.00 per month. Everything went behind and I scrambled to catch up. I tried to keep up with the timeshare account but then maintenance increased and that was when I called the timeshare company and I began to look for ways to sell. Selling was not an option because every listing company wanted monthly fees and I still had to pay the monthly maintenance.
Now there is the current crisis of credit card companies lowering my credit and closing accounts even though I caught up and have paid on time and paid the balances lower.
The timeshare went to collections after I did not agree to the lenders terms - 200.00 less per month for 60 days only. I feel the timeshare company lied - they told me when I purchased my timeshare that it was easy to sell, it is not. My payments went from 950.00 per month to 1300.00 per month! The total due is 55,350.00! How can I get out of this mess?
I am a teacher with a good job, raising two kids, and I purchased a home 2 years ago. Two years ago my credit was good. Now my home is worth half of what I purchased it for and because of a mistake the lender made my monthly house payment jumped 500.00 - at the same time the timeshare payments escalated. |
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smithsussane
Joined: 18 Sep 2008
Posts: 6478
Location: Alaska
362.79 Dollars($)
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Hi aztec!
Welcome to forums!
You can contact your timeshare company and ask them to withdraw the account from collections. Then you can negotiate with them for a loan modification. This will help you in saving the property from a foreclosure sale. It will also save your credit.
If you are planning to sell off the timeshare, then you can apply for a short sale or deed in lieu with your lender.
Feel free to ask if you have further queries.
Sussane |
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CINDY
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Post subject: BK 13 |
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| MY QUESTION IS, CAN YOU FILE CHAPTER 13 ON JUST YOUR MORTGAGE AND NOT THE REST OF YOUR DEBT? OUR MORRTGAGE IS THE ONLY THING WE ARE BEHIND ON. THANKS |
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jameshogg
Joined: 20 Dec 2005
Posts: 6933
Location: Nevada
475.17 Dollars($)
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Hi CINDY,
As you are behind on your mortgage payments only, you can file Chapter 13 bankruptcy for the mortgage. You do not need to include the other debts. You can consult your bankruptcy attorney and he will help you with the right suggestion.
Thanks |
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deanvsforeclosure
Joined: 22 May 2009
Posts: 1
1.45 Dollars($)
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Post subject: Bankruptcy Vs Foreclosure: Which Is Better? |
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| Bankruptcy or Foreclosure Choosing between bankruptcy and foreclosure is like choosing how you would like to die – use an aspirin overdose or just get shot. You must realize that any bankruptcy event will linger on your credit report for more than 7 years. While Chapter 7 bankruptcy is strictly for unsecured loans, the way it links to your home loan is when you might be in a position to pay off your mortgage when you file bankruptcy with your unsecured loans like cards and bank overdraft. Chapter 13 bankruptcy is another option you might like to consider; the big brother of your Chapter 7 version. |
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survior
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Post subject: buying a home |
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| i filed chapter 7 bankrupty it will be 2 years in novomber that it will be discharge. i filed my house in the bankrupty. how long before i can purchase another house? |
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jameshogg
Joined: 20 Dec 2005
Posts: 6933
Location: Nevada
475.17 Dollars($)
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Hi survior,
After November, you can try out for FHA loans to purchase a property of your own. If you want to go for a conventional loan, then you would have to wait for 4 years after your bankruptcy discharge.
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dar828
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Post subject: Home in foreclosure |
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| My property is in the process of foreclosure but I contacted an attorney to answer the summon few month ago. So far my case still pending for what I could see. I am working with a non profit organization to get a new loan but I do not have an answer yet. My question is there a lender that will refinance a property even if the property is in the process of foreclosure????? My lender gave me a list of lender and I started calling them one by one. These lenders told me evrything was a lie no one could refi my loan except my own lender. Should I file bakcruptcy chapter 7 before sell date? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi dar,
It is true that no lender would refinance the property if it's into foreclosure. I would suggest you to speak to your lender and check out whether or not he can give you a loan modification. If the lender accepts it, you won't have to file bankruptcy and you'll also be able to save your property.
Take care. |
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MC
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Post subject: BANKRUPTCY AND NO HOME EQUITY |
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| MY WIFE AND I ARE CONSIDERING FILING FOR BANKRUPTCY. WE HAVE ONE HOME WITH TWO MORTGAGES. THE FIRST IS 160K AND THE SECOND IS 70K. HOME VALUES HAVE GONE DOWN SO MUCH THAT THE HOUSE IS NOW WORTH ONLY 185K. WE HAVE UNSECURED DEBT OF 35K AND WE DID AN ON-LINE MEANS TEST. (WE'LL CONSULT AN ATTORNEY, OF COURSE, BUT JUST WANTED TO GET AN IDEA OF WHERE WE STAND.) THE MEANS TEST SAYS WE PASSED AND HAVE DISPOSABLE INCOME OF $95 EACH MONTH, AFTER ALL SECURED AND PRIORITY CLAIMS AND LIVING EXPENSES ARE PAID. WE LIVE IN PA AND ARE ABOVE THE STATE MEDIAN INCOME. WE KEEP READING THAT UNDER CHAPTER 13, UNSECURED CREDITORS ARE TO GET WHAT THEY WOULD HAVE RECEIVED IF THERE WERE A CHAPTER 7 LIQUIDATION. WE DON'T WANT TO LOSE OUR HOME. BOTH MORTGAGES HAVE NEVER BEEN LATE AND WE'RE NOT BEHIND. WE'RE JUST STRUGGLING BECAUSE BOTH OF OUR JOBS HAVE CUT HOURS TO THE POINT WHERE THE CREDIT CARDS AREN'T GETTING PAID THE MINIMUMS, AND THEY REFUSE TO NEGOTIATE ANYTHING THAT WILL HELP US. OUR QUESTION IS, IF WE FILE A CHAPTER 13 REPAYMENT PLAN, WOULD CREDITORS OBJECT TO THE $95/PER MONTH DISPOSABLE INCOME. IT IS OUR BEST EFFORT, IN GOOD FAITH, AND CONSIDERING THERE IS NO EQUITY IN THE HOME, THEY WOULDN'T RECEIVE ANYTHING ANYWAY IF THERE WERE A LIQUIDATION WITH CHAPTER 7. WE REALLY DON'T HAVE ANY OTHER HIGH VALUE ASSETS, A TEN-YEAR OLD TRUCK I OWN WORTH $1900 AND A 3 YEAR OLD PRE-OWNED CAR MY WIFE AND I SHARE. WE PAY $141 ON THE LOAN AND IT IS CURRENT. WE UNDERSTAND THE CONSEQUENCES OF BANKRUPTCY AND ARE WILLING TO ACCEPT THEM. WE TRIED DEBT SETTLEMENT PLANS BUT LITTLE IF ANY HELP. WE TRIED TO NEGOTIATE WITH THE CREDIT CARDS THEMSELVES BUT...WELL, I'M SURE YOU KNOW THE ANSWER TO THAT. WE'RE JUST CONCERNED THAT IF WE FILE, WILL THESE UNSECURED CREDITORS GO POSTAL AND DEMAND THAT THE PLAN NOT BE CONFIRMED. WE'RE JUST NOT SURE OF HOW THEY WOULD REACT. ALL OF OUR FINANCIAL INFO. IS HONEST AND VERIFIABLE. DOES ANYBODY HAVE ANY THOUGHTS TO SHARE WITH US? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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rmurphy575
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Post subject: Note about chapter 13 and Short sale |
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| Can a person do a short sale if they have filed chapter 13? |
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