Posts tagged "bankruptcy"

bankruptcy

what is the myth of bankruptcy?

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What happens to a real mortgage when a debtor files for bankruptcy?

I am a creditor whose debt is guaranteed by an actual mortgage. I recently received a notice that the debtor has filed for bankruptcy under Chapter 7 of the Bankruptcy Code in the United States. What will be my loan and my mortgage? I be prohibited from foreclosing the mortgage? The way in which the insolvent debtor is an individual and not a company. Please prvide.Merci legal basis.

Is a home equity loan an ideal way to pay off credit card debt?

Ok, this is unconventional – My mom is disabled. Her home was affected by Katrina. Her home is finally fixed. However, during the past two years, she’s accrued close to $ 100,000 in credit card bills to pay off some of the repairs since a lot the funds from the insurance and the government were not enough. Additionally, since she is disabled and receives little from the government, she has been unable to pay enough or on time. Her interest has gone up to 25-30% on 4 cards. I have good credit. I own a condo. I want to at least help her by getting a home equity loan (basically a second mortgage) even though I want to get a loan in a couple of years to buy a house. She’s considered bankruptcy with Chapter 13 in order to not jeopardize her home, which she paid off with some of the funds received from Katrina. It seems she has no way out; and I hate to be in this situation from my own financial balance. What can be done? She needs serious help; and I don’t want to jeopardize my credit.

I need a mortgage lender in Missouri!?

We are looking to buy a home and we have a lender but would like to know about other options without having my credit ran all over the place. We had a bankruptcy discharged in jan/03 and a foreclosure in june/03. Our credit score ranges from 618 to 545-there is a discrepency with this particular credit company and I have papers to prove it. We will be financing around $ 170,000 and my current lender is offering me 7.25 interest rate with closing costs around $ 3500 and no money down with a Fannie Mae loan. Any suggestions or offers?

Has the bill passed allowing me to put my home in a bankruptcy?

H.R. 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable one. At this time the wealthy can put a vacation home, boat and airplane into a bankruptcy.
I am 71 years old diabetic with congestive heart failure. I have lived in my home for 36 years. 10 years ago I went to my bank asking for a business loan. The banker suggested I take the equity out of my home and and change my loan to an adjustable loan. For the first 3 years it was fine. However my business failed and I’m on social insecurity. I have emptied my savings, sold my furniture and jewelry to pay the ever increasing mortgage. My monthly income is $ 913.00 a month and my mortgage now is $ 2123.00 per month. If I cannot get help from the courts, my only other alternative is suicide.
To the best of my knowledge H.R. 1106 was passed by the senate and sent to the congress last week and is stil sitting there.

Are ther any 1st-time loans for those with poor/fair credit, and what are the differences?

I have a discharged bankruptcy (over 2 years ago) with a credit score of 605 (and continuously rising on a monthly basis). I’m looking to buy a house and wanted to know what’s out there. Adjustable vs. fixed rate? Direct lender vs. mortgage broker? 20% (around 60K in my area) or no-money down? I worked with one mortgage lender who is a total nut, pulled my credit report before we even finished talking, and won’t explain anything to me. I need help from the Central Jersey area if possible. I need serious help and the internet just isn’t enough.

Upside down in my mortgage, want out!?

Refinanced the house a year ago, appraised value was 319K. Took out a 5/1 I/O Arm at 5.75% and now the home is only worth 210K, (florida market coming off from hyperinflation). I now need to move into a larger home due to our family getting larger. My credit is strong, and have never missed a payment.
Realtors talk about short sales, not applicable to me since I only have one loan. Bankruptcy is not an option, I make to much money, no-one wants to trade up for an overpriced condo. Thought about seller held second side deal and use the funds to offset the hit on the condo. Any suggestions?
Payment is 1300.00 I/O. Cannot get a renter in here for more than $ 1200. Condo fee’s are 300/month and taxes are 300/month. That is a 1900.00/month payment.

I did not put myself into this situation purposly Mrs. Apple. I moved here for work and had to buy high, refinanced to get rid of second loan.

What do you think of this idea? Buy a lot, build a house and have the builder inflate the price by 50,000. He then gives me back the money so I can afford to pay down the difference in my selling and owing price.

LLC Business Partner is Ch 13

Facts: My ex and I have a store. He's filed (meets with trustee this month) Ch 13.

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State tax refund garnished

Last year Chase Bank filed for a garnishment against me in to the 19th district court here in Michigan for a debt of $18,000.

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How to file a bankruptcy to close a business properly?

I currently own and operate a gas station in Illinois. The business is not doing well, and we are short on cash to operate the business and would like to close. There is a landlord involved in the lease agreement and a fuel supplier for gas supplies

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