Compare Mortgage Quotes

Niicss · Posted: Mon Dec 07, 2009 1:32 am Post subject:

Yes Pearl, you can file Chapter 7 though you are going through the process of loan modification. However, as you file Chapter 7, the lender will stop the process of modifying your loan. He'll rather wait for the judgment of the bankruptcy court.

Guest

Hi my wife and I over a peroid of 17 years have made very poor financial decisions. We currently are so far behind we are looking at bankruptcy. we owe more on our home and vehicals than they are worth. our monthly expense's come in almost a grand more than our income. there is a chance we can buy a nice home on land contract from a freind after bankruptcy filing and we surrender our present home.
ANY ADVICE?

sara · Posted: Wed Jan 13, 2010 2:17 am Post subject:

Hi RyanandApril,

Immediately after a bankruptcy discharge, you credit score would be quite low and you won't be able to qualify for a loan. If you file Chapter 13, you'll have to wait for 2 years to get a conventional loan. In case of Chapter 7, you'll have to wait for 4 years. If you plan for a cash purchase, then you can go ahead and buy the property immediately after bankruptcy.

Take care.

Guest

Can a trustee sell my home if equity above exemptions?

Niicss · Posted: Mon Jan 18, 2010 2:47 am Post subject:

As far as I know, if your property's equity exceeds the Federal or State exemption (as per your choice) you may lose the home. If you don't have equity in the property, it cannot be used to pay off your debts.

Guest

We, my husband & I, filed bankruptcy on Nov 3rd. 2009. Our home is in foreclosure. We listed the property as exempt and gave our intentions as to surrendering the property upon discharge. The mortgage companies lawyer requested the stay lifted so they could contact us to work out a deal. We replied that we had been trying to do that from the beginning and they wouldn't work with us and now it was to late. Yesterday we received a letter stating what it would cost us to reinstate the mortgage
(from their attorney), which we don't intend to do, and now I'm wondering if we made a mistake with claiming the property as exempt. We do not have an attorney because we can't afford one. Should I send an ammended schedule C to the court removing the property from exempt?

Guest

Filed chapter 7 in 2007 and discharged in july 2008 now my mobile home is in foreclosure a year and six months after discharge and my mortage co.doesn't want to help me in any way and said i don't get to use the obama plan for a modication loan so whats next ?

raymond · Posted: Wed Jan 27, 2010 6:00 am Post subject:

>>so whats next ?

Chapter 13. It'll prevent your home from being foreclosed and enable you to restructure your debt so it's manageable.

Guest

Will I have to give up my federal and state refunds? If so how would i determine how much...I can't seem to get a yes or no answer from the trustee as far as how much they will take from my refund check

raymond · Posted: Wed Jan 27, 2010 12:55 pm Post subject:

>>Can I file Chapter 7 if I am going thru a mortgage modification

Yes, but your modification might be postponed until the discharge.

Guest

Trustee has discharged my Chapter 7 case, but not closed it. If some of the real estate that was secured property has sold since my discharge, can the amount I owed be re-calculated?

Guest

If I take money out of my retirement account after my Chpt. 7 discharge, do I need to report this to the court?

Niicss · Posted: Mon Mar 22, 2010 4:15 am Post subject:

To bballmom,

As far as I know, if your bankruptcy is discharged, it means your bankruptcy filing has been closed. If you sell off some property after the discharge, I don't think the amount will be re-calculated.

To janiece,

As the bankruptcy has been discharged, you do not have to report if you take out money from your retirement account.

Guest

After bankruptcy discharge, can I go after (sue) a lender, if they commited fruad?

Niicss · Posted: Wed Apr 28, 2010 3:31 am Post subject:

If a mortgage lender has committed a fraud, then you would be able to sue the lender. You should contact a real estate attorney and he would guide you in taking legal actions against the lender.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours
Previous 1, 2, 3, 4 Next
Page 2 of 4

Property State:
Property Type:
Credit Rating:

Compare Mortgage Quotes

Importance of Chapter7 discharge in bankruptcy