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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi rmurphy,
As you have already filed for Chapter 13 bankruptcy, I doubt whether you would be able to go for a short sale or not. You will have to speak to your lender regarding this and check out what he has to say. Generally, in Chapter 13 bankruptcy, the lender will give you a repayment plan to pay off the debts within 3-5 years. Once you pay this off, your bankruptcy is discharged.
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Procrastination is the enemy of your financial sucess |
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tommy
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0.10 Dollars($)
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If I have filed for bankrupytcy ( chapter 13 ) can my mortgage company still demand payment?
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi tommy!
Welcome to forums!
If your bankruptcy filing have been approved by the court, then the mortgage company cannot demand payments from you. After the approval of bankruptcy, the court will issue an automatic stay on your creditors and thus, they won't be able to sue you.
Feel free to ask if you have further queries.
Sussane |
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Hello
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0.10 Dollars($)
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| If you did not reaffirm your mortgage walking away from home now will do nothing to your credit. They cannot report the foreclosure if you did not reaffirm!! That MUST be listed on your credit report as part of the bankruptcy by law. If they add anything to your credit report about foreclosure after your debt discharge, contact the credit bureau demanding removal. I would get a lawyer to get compensation for the damage they did to your credit. Also, banks stop reporting any payments you make to the credit bureaus, once your discharge occurs. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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hello, hello.
i find it rather strange, and even unbelievable that no harm would be done to someone's credit when walking away.
furthermore, lenders do not report foreclosures. foreclosure actions are public records, and all credit agencies check the public records and whatever appears there of a derogatory nature gets reported on the individual's credit report.
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George M. Akerley
Loan Consultant
860-221-5044 |
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thyri
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0.10 Dollars($)
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| i have owned my home since oct. 07. my house payment has went up almost five hundred dollars due to my escrow account going up. they have estimated my taxes and insurance to be much higher. i am sinking with a fourteen hundred dollar pmt. when it used to be nine hundred dollars. what is my best option to try and get this lowered? |
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rosiebe48
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Post subject: Chap 13 |
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| I have a chapter 13 that I am paying now. I did not include my house at the time. I am now behind in my payments to my lender. Will my lawyer re-evulate everything so I can now include my mortgage? |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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rosiebe48,
I think it will be difficult to reevaluate.
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mom of 11
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Post subject: two homes and not sure what to do with one |
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| My fiance has a home that his ex-wife and children are living in but they got evicted and we are paying for that home as well as this home that we live in now. We can't afford to pay for both homes much longer and we don't want to keep that home anymore and not really looking to rent out that home so we don't have to deal with the hassel of renters or the home being any worse than it is. Also it will be hard to sell the home as it is upside down 38K. We need to know what to do....do we file a BK7 or BK13 as I'm not sure that a short sale will work. Can someone please please help us decide what to do??? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Guest,
In my opinion, it would be a better option to apply for a short sale rather than filing bankruptcy. Filing bankruptcy can ruin your credit badly and will remain on your credit report for next 10 years. On the other hand if you go for a short sale, though you'll have to pay the deficient amount to the lender, it will reduce your credit score by only 75-100 points.
_________________
Procrastination is the enemy of your financial sucess |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.49 Dollars($)
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even if you go for shortsell then it will be having impact on your credit score.
although it may sound bad but I will still advice you to rent the home for lowest rent where your renter will not delinquet and sooner rates of real estate will be up....
wait for some time...
keep in touch....
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Mom of 11
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Post subject: two homes and not sure what to do with one |
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| Come to find out we are not able to rent out the home due to the fact that it is a manufactured home in a lot for manufactured homes. The managers do not allow us rent it out only sell it. Please Help us we are so stuck on what to do!!!! |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi Guest!
Welcome to forums!
You can list the property and try to sell it off. You can contact any real estate broker to see if you can get a buyer for your property. If you do not get buyers, then you can apply for a deed in lieu of foreclosure. In this process, you will have to transfer the property to your lender in order to sell it off. As far as the deficient amount resulting from the sale of the property is concerned, the lender would forgive the amount.
Feel free to ask if you've further queries.
Sussane |
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ephillips
Joined: 08 Aug 2009
Posts: 1
1.77 Dollars($)
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Post subject: 2nd mort chargeoff, 1st wont mod foreclosure vs. bankruptcy |
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We're in a mess. the financial crisis has hammered us and we can't afford our mortgages. The house is worth maybe $475k, if it sells as a foreclosure and more like $370-$425. We have a $588k 1st and a $200k 2nd (HELOC) that was taken out after the purchase so it can't be considered purchase money mortgage. We started contacting our lenders in Dec 08 when we were current informing them of our hardship, to which they were pretty unresponsive.
Thousands of phone calls, emails, you name it, we are at a point where we are in foreclosure. The 1st mortgage says our income is insufficient to qualify for the Obama plan. Our 2nd wis unwilling to modify with us behind on the 1st. They said we could settle for 20% which we offered 18% (just couldn't raise the full 20%). They rejected it and now they've charged it off and say they'll only settle for 36%, which is impossible.
My questions are a few. If we declare bankruptcy, will that resolve the chargeoff? A chargeoff stays on your credit for 7 years, what happens after that? I'm still trying to get the 2nd to change their minds and take the 20% they agreed to before the chargeoff, assuming a miracle and they can, what's better on the 1st, let it slide into foreclosure or file bankruptcy. We want to keep the home but if they won't budge we can't afford it. And the APR is set to start adjusting in 2013, whereby then we really wouldn't be able to afford it. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi ephillips,
A charge off can be considered as your unsecured debt and thus it can get discharged through a bankruptcy filing. It would be better if you could negotiate with your lender and try to settle the debts. If you are unable to negotiate with the lender, then it's better to file bankruptcy. If you file Chapter 13 bankruptcy, you would be able to save the property as the lender would give you a repayment plan.
_________________
Procrastination is the enemy of your financial sucess |
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