Posted on: 11th Aug, 2007 10:01 pm
Could someone please explain what is a \"short sale\" I am debaing whether to file 13 or not and I have been reading in the forum and I see mention of this word. Pls advise. Thanks
Welcome Elizabeth,
In case of Chapter 13, the lender along with the bankruptcy trustee will give you a payment plan to pay off the loan. This will include the interest as well as the principle amount.
In case of Chapter 13, the lender along with the bankruptcy trustee will give you a payment plan to pay off the loan. This will include the interest as well as the principle amount.
I don't understand how the the chptr 13 BK works, exactly... So do you have 2 different mortgage payments your actually responsible to pay each month, one with the bank and the other for the Bankruptcy agreement?
hi mika!
welcome to forums!
in chapter 13 bankruptcy, you will receive a payment plan from your creditors depending upon your financial situation. you will have to make the payments as per the plan. to know more on chapter 13, check out the given page: http://www.mortgagefit.com/bankruptcy/chapter13.html
feel free to ask if you've further queries.
sussane
welcome to forums!
in chapter 13 bankruptcy, you will receive a payment plan from your creditors depending upon your financial situation. you will have to make the payments as per the plan. to know more on chapter 13, check out the given page: http://www.mortgagefit.com/bankruptcy/chapter13.html
feel free to ask if you've further queries.
sussane
Well, short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.
i filed chapter 13 last year and have been paying my 2nd mortgage through the plan. the idea was i would pay for 5 years and have the second mortgage stripped. my husband has recently received a job promotion which would have us move from fl or il. i know my house will not sell for what we owe on the 1st mortgage and we can't afford to maintain two homes. i'm kind of loss on what to do.
any ideas??
any ideas??
Hi Cypress,
You can contact your lender and your bankruptcy attorney and apply for a short sale mentioning your present situation. It will depend upon the lender whether or not he will consider your request.
Thanks
You can contact your lender and your bankruptcy attorney and apply for a short sale mentioning your present situation. It will depend upon the lender whether or not he will consider your request.
Thanks
Hello, I'm currently in foreclosure process (notice of default). they gave me 30 days to respond before auction sale. If I file Chapter 13, will I have a chance of keeping my home and getting it loan modified and reducing principal balance? If I short sale my house, will the bank pay me some cash compensation for relocation? I really wanted to keep my property but the bank gave me hard times when I applied for loan modification. Please advise. Thanks for your help.
Hi Maritess!
Welcome to the forums!
If you file Chapter 13, then the lender will stop the loan modification process altogether. With the help of this bankruptcy filing, you can get a repayment plan which will make it easier for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you file Chapter 13, then the lender will stop the loan modification process altogether. With the help of this bankruptcy filing, you can get a repayment plan which will make it easier for you to pay off the loan.
Feel free to ask if you've further queries.
Sussane
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