do we need to file bankruptcy after foreclosure?
In case of 2 loans, do we need to file bankruptcy after the house was foreclosure? The second loan tried to collect the money.
Posts Tagged ‘foreclosure’
debt settlement?
My spouse & I are in serious financial problems. I think we need to file bankruptcy because he has stopped paying his credit cards. i’m keeping up with the utilities and my own credit cards. we own 2 homes, 1 of which is on the market and my spouse refuses to bring down the asking price and now the morgage company has started foreclosure on that property. he’s been able to sort of keep with the morgage payments on the home we live in. my ? is, is debt settlement a good option? I don’t know where to turn to anymore. My spouse wants to "keep up the fight".
Do you lose or keep your primary residence if you file bankruptcy?
I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?
I have a court ordered judgment against me but if I file bankruptcy now, do I still have to pay?
My husband has a ,000 hospital bill and in the state of California, the spouse is also responsible to foot the bill. So now, we have a court ordered judgment against us. Since our house is now in foreclosure I was planning on filing bankruptcy anyways. Will filing bankruptcy stop this court ordered judgment? If not, can they garnish my wages? -note, My husband lost his job and I am the sole provider for a family of 4
Help – How to settle a debt with Bank of America!?
I owe Bank of America k on an unsecured line of credit. I borrowed k on the line of credit a year ago at 5% to remodel a foreclosure I bought. The market turned 4 weeks after I bought the home last Sept 08. I finally sold the home for a huge loss. During the process, I was never late on a payment and I still have never been late. BofA jacked the interest to 12% and place credit insurance on the balance without my permission. I had them remove it and they still made me pay them 0 for the one month they had it on. Dirt bags!
I took less than I owed on the house just to get rid of it. I now have in my possession a check from the sale of k. I want BofA to settle for less than this check.
How do I do it – Will they do it? Who should I call? I have k toward a k debt and I am not late. I am calling them in 24hrs to start negotiating. What do I do?
Additional Information: This line of credit was never secured with real property. It was always unsecured, hence, BofA does not know how much my check is for. Look, I am not trying to be dishonest or rip anyone off. I want to give them every penny I owe them but unless I aproach them on my terms, they will continue to take advantage of me. All I want is a level playing field.
My home is going to foreclosure should I pay credit debt or just file for bankruptcy?
I’m going through a divorce and the house is going to foreclosure but I have about ,000 in high interest credit card debt and I just got laid off. What should I do?
Those of you who dislike Mr. Obama…..?
How would you solve our foreign diplomacy problems? Bomb all of our enemies? Do we start nuking Korea, Iran, Iraq, Egypt, Pakistan, Palestine China. Would that solve it? Then what do we do with all those dying people?
How would you solve our financial problems? Let every company now fail, and all the banks fail? GM fail, all housing in foreclosure, and all people on the streets?
How would you solve our health care problems? (One in four bankruptcies is now caused by inability to pay medical costs). Would you just turn away anyone and everyone who is dying if they cannot pay? If they are in a car crash, do we let them die in the wreckage if they cannot show a medical insurance card?
I find lots of you on here are big to criticize, but I find no real alternative solutions.
Take one of these and discuss it.
If the United States hypothetically went bankrupt, how could China (and foreign creditors) seize our assets?
Obviously, if a person here in the United States can’t pay off their mortgage for their house, it gets taken over by the bank and that person’s on foreclosure.
Or if a person’s company goes bankrupt and they fall into debt, the creditors can legally take their home, car, etc.
But if an entire nation went bankrupt, how would our creditors take stuff from us as collateral, in any way short of a military invasion?
If you have property and file bankruptcy, does it show on your credit foreclosure and bankruptcy?
Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what’s the use of filing bankruptcy. why not just walk a way from you properties.
Must you file bankruptcy if filing foreclosure?
The house is worth 0,000 the loan is 0,000. 00 behind on mortgage payments. (I have only 00 debt). Will the mortgage company try to collect on the ,000 difference if I file foreclosure? Because I’d rather go through bankruptcy in that case.
Is anyone happy with the mandatory insurance part of this reform?
I can understand why people are upset at that part. I think a happy alternative would be that you have to sign a waiver saying that you recognize by not having any insurance you are responsible for all of your personal medical costs. Failure to pay may result in foreclosure or bankruptcy.
What do you think of my alternative?
Can you file bankruptcy AFTER foreclosure if you don’t want the house?
My wife and I virtually broke and can’t afford the house anymore. We are thinking about having her stay home with the kids in a few months after the house is disposed of and file Chapter 7 bankruptcy.
Do you have to file Chapter 7 bankruptcy at the same time as foreclosure or can you wait six months to a year?
If I file for bankruptcy after foreclosure, am I still relieved of any potential deficiency?
It seems to me a lot of lawyers are touting that you have to file bankruptcy in conjunction with the foreclosure timing.
My wife and I don’t want the house anymore, can we just let it go through the foreclosure process and then file bankruptcy 6 months down the road?
How can anyone be happy with Obama?
Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back?
In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today’s economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today’s economy.
As for me. I am losing close to ,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses.
Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn’t teach any lessons other than to live beyond your means and don’t worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, ,500 is SUBSTANTIAL!!!
So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money.
Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats.
How can anyone be happy with Obama?
If you have property and file bankruptcy, does it show on your credit foreclosure and bankruptcy?
Doe it show foreclosure and bankruptcy or just a discharge of your mortgage debt??? If so then what’s the use of filing bankruptcy. why not just walk a way from you properties.
when should you file for bankruptcy?
I have a home that may go into foreclosure soon, should i file for bankruptcy-do i have any other options, and what happens to you financially & will you ever be able to restablish your credit?
should i file bankruptcy before or after i get married.?
i have really poor credit, including a repossed vehicle and a foreclosure on a home. if i wait to file for bankruptcy until after the wedding will my wife take a hit on her credit? she has no credit history at all.
Practicalities of bankruptcy in NH?
A chapter 13 bk is likely in my future. I’m looking for some real world pros and cons about this scenario:
I’m in chap 13 and making my payments, and I see a 00 auto repair coming at me. Would the trustee let me slide on 00 worth of payments to take care of the critical auto need ? IE, how do judges handle unanticipated expenses that happen while you’re in chapter 13 ?
The other alternative that I see is – stop paying my mortgage and bank those funds. Hire the bk attorney, get it all ready to file, then sit on it. Keep ignoring the mortgage and accumulate some cash until the foreclosure sale is imminent, THEN have my attorney file the chapter 13 to stop the foreclosure and add the mortgage arrears into the payment plan. This gives me a cash cushion to handle the surprise expenses.
Comments please ?
I have until April 28, 2008 to file bankruptcy. Is it too late to file and to avoid foreclosure on my house?
My house was schedule for foreclosure sell on April 18, 2008. I had 10 days (28 April) to file bankruptcy if I wanted to keep my house. The attorney I talked to wanted too much money to help me. What can I do? I am considering "Pro Bono" Services for assistance. I only receive military retirement pay as income.
Which Bankruptcy do I need to file?
a chapter 7 or a chapter 13? I have a sale date on my property coming up…loan modification is out of the question..I have credit card debt that I cannot and have not paid for..and Im ready to file..please tell me which one will stop (Temporary..my foreclosure until I have alternatives?)
What happens when the bank forecloses on your home?
I have private mortgage insurance on my loan, will this pay the balance off if foreclosure goes through? What will I be penalized with? How will my credit be affected? Would bankruptcy be a better alternative, and is there any way possible to file Chapter 7 instead of 13, even with a steady source of income?
How should I settle a debt following a Foreclosure?
The insurance company for my former Mortgage company claims I owe over ,000 from the loss occurred by the foreclosure but are willing to accept a lump sum of ,000. They will only accept payments on the original amount. How can I have the amount lowered and still allowed to make payments?
We are filing chapter 13 bankruptcy and do not wish to keep our home. How can we do this successfully?
Please give suggestions on allowing our home to go through foreclosure or other means during our Chapter 13 process. It has become very apparent that we are unable to afford it and is part of our total money outlay problem. Not sure we can sell this property and get out from underneath the total payoff amount.
Also, what would happen if we sold the home for less than the payoff? Is foreclosue an option. Sounds painful. Need and appreciate all help with this situation.
Filing chapter 7 and surrendering home, can you help me understand foreclosure process?
We will be surrendering our home in our Chapter 7 bankruptcy due to my husband being unemployed, and we can not afford the house any longer. Our lawyer briefly explained the foreclosure prcoess to us, but my question is, do we have to go to court for the foreclosure as well? Or is everything taken care of through the bankruptcy?
How will filing Chapter 7 bankruptcy in Illinois affect me?
Last year at this time my credit score was 750, but over the past year I have had some financial crisis and am very deeply in debt. I talked with a lawyer today and I understand the difference between chapter 13, and 7. My question is, other than the obviouse destroying my credit, how will filing chapter 7 affect me? Will I ever get a credit card again? Will I lose my atm/debt card? Will I be able to rent a house or apt after my foreclosure? Please, anyone who has any experience with this, any info would help.
If the institute that financed my home should go bankrupt,whould I loose my home as a result of that?
If I purchase a home if the institute that originally financed my home should go bankrupt can they put a lien on my home , and eventually would my home go into foreclosure? Is this true?
How long after chapter 13 bankruptcy can you purchase a home?
Everything that i’ve read says that you can get a home after 1 year in a ch 13 bankruptcy, 2 years after ch 7 bankruptcy, and 3 years after a foreclosure. I am about to file a chapter 13, and wonder how long would I have to wait before I could purchase a home. Does anyone know the actual rule and could you point me to the website or where you got your information?
Thank you!
what is the process and requirements to file bankruptcy?
i have several rental property, i am renting them and i am bearely getting enough money to pay the mortgage., this year i gota pay taxes insurance close to 36k in taxes, and i dont have that money., should i file for bankruptcy? should i let the houses just go foreclosure? what is worst? pls help
How long will a chapter 7 bankruptcy delay a foreclosure in Colorado?
My townhome is scheduled for foreclosure sale date May 13th 2009.
My chapter 7 bankruptcy will be filed 3/25/09. How long will this delay the foreclosure sale?
Can you file bankruptcy on your home before foreclosure?
We are not far from foreclosure because he lost 30gs a year less than he made before. How long does a foreclosure to happen and when is the best time to file bankruptcy on that and the other bills we owe.Any help please.