Foreclosure & Real Estate Archives

Chapter 13 Bankruptcy

Can I Purchase a House While in a Chapter 13 Bankruptcy?

August 5, 2011

While in a Chapter 13 bankruptcy, you must get permission from the bankruptcy Trustee to incur any new debt. This includes a mortgage if you want to purchase a new house. When you are serious about buying a new home within a Chapter 13 bankruptcy, you should let your bankruptcy lawyer know. They will get in contact with the Trustee for you and let him or her know that you would like permission to incur debt. They will file a motion with the court for this. Once the trustee makes a decision, the attorney will let you know.

Bankruptcy Basics

Do I Have to Pay my Homeowner’s Association Dues after Filing Bankruptcy?

June 22, 2011

It all depends. If you are filing a bankruptcy in which you wish to keep the home, you are required to continue to pay your homeowner’s association (HOA) dues. If you are surrendering or giving up the home in the bankruptcy, you are responsible for the HOA dues as long as the home is still … Read more

Bankruptcy Basics

What is a Motion to Avoid a Judicial Lien in Bankruptcy?

May 27, 2011

You may be considering filing bankruptcy because one of your creditors has obtained a judgment against you. Most people are uncertain of the consequences that a judgment can have. Usually, if you do not own any real property (house or land) or if you do not have any equity in your property, it can be … Read more

Bankruptcy Basics

How Do I Determine the Value of My Home If I’m Filing Bankruptcy?

April 4, 2011

The value of your home, from a bankruptcy perspective, is a major concern that you will want to be aware of. From too much equity to the possibility of “stripping a lien“, the value of your home plays a key part in your bankruptcy. With the ever fluctuating real estate market, determining the value of … Read more

Bankruptcy Basics

How Long Do I Have to Leave My House After Filing Bankruptcy?

February 28, 2011

There is no definitive answer as to how long you can stay in a house that you are surrendering or giving up in the bankruptcy. We tell our clients they will have, at minimum, 30 days they can stay in the home after filing bankruptcy. However, normally someone who has surrendered their property in bankruptcy … Read more

Chapter 13 Bankruptcy

Does Your HELOC (Home Equity Line of Credit) Have You Locked?

February 21, 2011

A few years ago when your home had equity, you obtained a Home Equity Line of Credit or HELOC to consolidate your debt and payoff credit cards, medical bills, personal loans, etc. It seemed like a great idea because you could eliminate all of your revolving debt and make only two payments each month…your first … Read more

Chapter 13 Bankruptcy

What Steps Do I Take to Obtain a Loan Modification?

February 9, 2011

It is possible to obtain a loan modification even if you have filed bankruptcy. At this time, most mortgage companies would rather work out a loan modification agreement, if viable, than to foreclose on your home. The last thing most mortgage companies want is another vacant house! Steps to Follow: Step #1: You should contact … Read more

Bankruptcy Basics

Bankruptcy v. Deed In Lieu of Foreclosure

January 28, 2011

Clients have frequently asked us what is the difference between a deed in lieu of foreclosure and a bankruptcy? First, a deed in lieu of foreclosure (DLF) is when the homeowner signs over and transfers the deed to the home to the mortgage company without the legal process of a foreclosure. Most people believe this … Read more

Foreclosure & Real Estate

How To Get Financing For A House After Bankruptcy?

January 17, 2011

http://www.youtube.com/watch?v=dQ6Uwjk2cAs Many people assume that because they have had poor credit and needed to file bankruptcy to get their fresh financial start that their ruined credit will prevent them from financing and purchasing a home. That is not necessarily the case but certain factors will affect the ease and timing of a new home … Read more

Chapter 13 Bankruptcy

Can I Sell My House While in Bankruptcy?

December 6, 2010

This is a common asked question, and a great one! With the downturn of the housing market, many people understandably want to know if they have the right to sell their property when they are in a bankruptcy. While in a Chapter 13 bankruptcy, you can indeed sell your home while you are in an … Read more

Category: Foreclosure & Real Estate

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