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Search: "Bankruptcy"

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Asked 12/15/2009 04:16 pm CT (Apache Junction, AZ)

My husband lost his job 2 years ago due to an illness. He has been on SSI for 7 months now. Our current mortgage is in his name only (my name is on the deed but not the mortgage) and our lender refused any sort of restructuring of the loan. Because of our debts we had to file chapter 13. Prior to filing bankruptcy our lender offered a settlement of $80K less than we owe on the loan. Would we be able to finance with a new lender and if so would it be for the amt our current lender offered us as a buy out?

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You would have to ask your lender (current) if they will still do the settlement. If so then you cou...

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Asked 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

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Asked 06/01/2009 01:27 pm CT (Mansfield, OH)

I went through a bad divorce in 2001.And I ended up with all of the dept.I had to file bankrupptcy chapt 7 I think.Well.with the economy I lost my job in November 2008.Had a house fire in December 08 2 weeks before x-mas.Well we lost all of our vehicles 3..and we are getting sued by ins comp ,student loans,the leftover balance on vehicles.We can not even keep our head above water.We are sinking.My question is.Can we file bankruptcy????We have no other choice.It is at a point where it is taking a toll on my husbands health?

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Asked 04/03/2009 09:39 am CT (Chicago, IL)

Hi, I have filed chapter 7 bankruptcy on 2003. My credit score is 610. My question is if I put down 25% down, will I be able to get a mortgage and I am a first time home buyer.

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Asked 01/27/2009 12:16 pm CT (New York, NY)

I am a first time buyer. I am looking to buy a coop. I have a 570 credit score, but the same steady job for 8 years. No judgments, bankruptcy, etc.. I've been paying all my bills on time for the past year. Will I be able to get a mortgage?

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p.s. - FHA loans are typically easier to qualify for...

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Asked 01/13/2009 05:43 pm CT (Canton, OH)

In 2004 our house went into forclosure. In 2005 we filed bankruptcy. We just found out in December 08 that the house was still in our names, how is that possible and how can we get that house out of our names? We would like to purchase another home and it may stop us from doing so....

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Asked 08/26/2008 01:18 pm CT (paducah, KY)

I filed Bankruptcy, and the mortgage company was supposed to foreclose on my house,my guess is because it had roof damage, ect. I got a letter saying that they charged it off and cancelled the sale. I know I can live in it and rent it out, but can't sell it until they release the deed. I don't want to put alot of money into it if they can come back again. How do I get them to release the deed? or can they come back after they charged it off? Homeless

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Asked 08/19/2008 08:09 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/19/2008 08:01 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/05/2008 10:53 am CT (Brewer, ME)

If my husband filed bankruptcy chapter 7. It has been discharge. His name is the only one that was on the mortgage but both of our names are on the deed. What happens to me?

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Nothing happens to you. House could be foreclosed on if mortgage is not paid though....

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Asked 07/22/2008 10:04 am CT (S. St. Paul, MN)

My husband and I are struggling to make our mortgage payments these past couple of months. We've recently filed bankruptcy. Do we have any options as far as lowering our monthly payments?

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Asked 07/09/2008 05:39 pm CT (SACRAMENTO, CA)

MY HUSBANND AND I FILED BANKRUPTCY AND IT WAS DISCHARGED LAST AUGUST 2007. WE HAVE A 2ND MORTG WHICH WE DID NOT REAFFIRM IN THE BANKRUPTCY. WHAT HAPPENS IF WE DO NOT MAKE THE PAYMENTS TO THE 2ND MORTGAGE COMPANY BUT STILL PAY THE FIRST MORTGAGE? THE PROPERTY VALUE HAS DROPPED TO WHERE IF WE TRIED TO SELL WE WOULD BE LUCKY TO GET ENOUGH IN THE SALE TO PAY OFF THE 1ST MORTGAGE. THE 2ND WOULD GET NOTHING- AND THEY WERE INCLUDED IN OUR BANKRUPTCY. IF WE CANNOT CONTINUE TO MAKE THEIR PAYMENTS CAN THEY FORCE A SALE OF THE HOME?

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Asked 05/29/2008 12:27 pm CT (Monclova, OH)

I am in Chpt. 13 bankruptcy and have a home equity loan outside the plan. I ended up defaulting on it and it has been paid since there was PMI. Should I contact the company that paid it off and try to make arrangements to pay them?

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Consult an attorney before doing anything. Perhaps a move to pay back what has already been forgive...

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Asked 05/16/2008 07:24 pm CT (Spokane, WA)

My company is transferring me, and will purchase my current home if we can't sell it. Our credit score in in the 500's due to an illness that caused my husband to lose his job. We have two late mortgage payments from 8 months ago - which surprised me because I contacted the mortgage company and they agreed to those late payments before they were late. We also have several other late payments, one 5 months ago, but most are about 10 - 12 months and everything current since then. I have worked for this company for more than 15 years and my spouse recently was approved for disability payments which has helped. We have never had a judgement filed against us or filed bankruptcy, and all our accounts are current. I was sick to see my credit score so low. In this new strict housing market is there any chance that we might get a mortgage? We should get enough out of the sale of our current home to put 20% down. I am very worried about even being able to find a place that with rent to us with such a crummy credit score. Thanks, I appreciate your advice.

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If you can put 20% down then you should be able to get a loan. There are some programs that do not r...

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Asked 05/03/2008 01:11 am CT (Hardeeville, SC)

we used to have a very good loan discount on our mortgage at the bank where she used to work.I am on disability and over the past 4-5 yrs. have been renovating our home.I have almost doubled its value.However my wife has a health condition since birth called syringual mieliea.her condition took a turn for the worse and she had to stop working.thus we have lost our discount mortgage rate and her long and short term disability benefits have been denied.we have retained an attorney but have only limited savings from a cashed out 401 K.are there any programs available other than bankruptcy that we could qualify for so that we could get a reduced rate on our mortgage even though we are not employed.we would like to avoid being a further burden on the state as well as keep our modest little home that we have put so much hard work into. please help. thank you, Tim and Denise Norris

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Asked 04/26/2008 03:54 pm CT (east grand forks, MN)

i'm in foreclosure. single mom of three. i've tried quick sale,everything, working with the lender. i'm four months behind. can i sign my deed over to my friend and file bankruptcy on my loan and put the place up for sale... which is going to take a long time..... rural area... takes forever to sell..i'm also in flood zone by river. i don't know what to do? lost!

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Signing the deed over & declaring bankruptcy will not extinguish the lien on the property.. The bank...

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Asked 04/11/2008 03:21 pm CT (MCDONOUGH, GA)

Can i wipe out my mortgage in bankruptcy?

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Asked 04/06/2008 02:08 am CT (new orleans, LA)

I have a bankruptcy that is over two years discharged and a 70,000,00 a year income my me debt is around 992 a month. My credit score is like 550 i would like to get a home as soon as possible. My girlfriend has also a higher score around 700 but an income around 20.000 while in college. with those factors i was wondering what our options are.

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Asked 03/30/2008 07:22 pm CT (Shakopee, MN)

I filed for chapter 7 bankruptcy last year which was discharged. My boyfriend and I want to get married April 2008 but he wants to buy a home after we get married and would i have to be included on the mortgage loan he gets? We were told it could affect his rates etc., Do you have to apply for a joint mortgage loan if married? Can't he apply as married using just his income and expenses and credit to qualify for a mortgage? I would not be on the loan documents but listed as having an interest in the home. Is this possible?

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Asked 03/19/2008 02:57 pm CT (mcarthur, OH)

i need to know how you deal with a forclosure letter from the goverment after contacting a bankruptcy attorney about this they said that my mortgage was not signed and that there was a loop hole can some one please help?

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I wouldn't count on that miracle loophole. If you wish to keep the home and can find a way to afford...

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