Posts Tagged ‘equity loan’

I filed bankruptcy last year. How long until I can take out a loan?

When the market was at its peak a few years ago I took out an equity loan on my house to invest in more properties. Then BOOM! Market crash. I couldn’t rent out the properties or continue making payments and lost the properties, including my home. I know bankruptcy effects your credit for 7 years, Does that mean it will take that long before I can apply for another home loan?

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Posted October 8th, 2010 in Bankruptcy Q and A. Tagged: , , , , .

If I file Bankruptcy, Will I lose this home?

My mother and I both own a home (both of our names on the deed). I’m considering filing chapter 7 BK, and was wondering what will happen to this home we both own?

I (not my mother), have an equity loan on the home with a balance of k. The home is worth about k – k.

My question is, if I’m current on the payments when I file BK, can the home still be taken?

And if during and after the BK is discharged, and I’m still current on the payments, can the home be taken?

Thank you!

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Posted May 9th, 2010 in Bankruptcy Q and A. Tagged: , , .

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