When To File Bankruptcy » mortgage

Is sell and back lease a good idea when filing for bankruptcy?

admin — Sun, 11 Sep 2011 15:43:37 +0000

Is selling and then leasing back my home that has no mortgage owed a good idea when filing for bankruptcy? I would be financing the home. And then renting it in order to keep my place of residence. Can they take your furniture and everything in the home to pay back the creditors?

Technorati Tags: creditors, filing for bankruptcy, furniture, mortgage

Can my dad file bankruptcy?

admin — Sun, 04 Sep 2011 15:23:23 +0000

My dad owe ,000 to credit cards, lines of credit etc..

It all started when we bought a house. My dad was the only one working. After two months purchasing the house, my dad lost his job. So, hoping the he’ll find another job, my dad kept on paying the mortgage, property tax etc from his credit cards.

He did not find any job. My mom found a job but not a good paying job.

After 3 years, we couldn’t afford it and sold the house.

Right now, we live in an apartment. My dad is diabetic and has other medical problems and can’t find any job. Also, his language difficulty is preventing him from finding a job.

My mom works and its enough just for rent and food for our family.

My dad keeps getting phone calls from credit companies and stuff asking him to pay. My mom gives him 50 or 100 bucks per month to pay his credit cards but she can’t do this every month because she only earn that extra if she works extra hours. She has arthritis and her doctor told she shouldn’t work much.
My parents’ first language is not English, hence my dad has difficulties with English.

Technorati Tags: 3 years, apartment, arthritis, credit cards, dad, finding a job, first language, good paying job, language difficulty, medical problems, mom works, mortgage, parents, phone calls, property tax

When is a good time to file for Bankruptcy? before or after foreclosure?

admin — Fri, 08 Jul 2011 07:12:37 +0000

I received a letter in the mail from an attorney. My lender wants to start the foreclosure proceedings. At the moment, I am 11 months behind on my mortgage. I want to dump the house as I owe 20% more than it is worth. What happens if I file for bankruptcy right away? Does that cover the foreclosure too?? Or would the bank come after me after it sells my condo for the difference? I have a 10,000 in credit card debt and 9000 auto loan. I have been unemployed for quite sometime without having luck finding a job. Even my unemployment has ran out at the moment. I don’t have any assets unless furniture counts? Bankruptcy is a must for me but I cant decide if I should do it before or after the foreclosure

I live in Illinois

Technorati Tags: assets, auto loan, bankruptcy, credit card debt, finding a job, foreclosure proceedings, furniture, letter in the mail, mortgage, unemployment

Want to buy a house. Married. He has bad credit and I have good.?

admin — Mon, 16 May 2011 14:27:08 +0000

My husband and I want to start the process of buying a house but we’re afraid that his bad credit will ruin our chances. We recently got married within the year and I have a credit score of 672 and his is probably really bad. He had a lot of debt (about ,000+) from when he was 18 and stupid but now he’s 30. He never paid back a single dime and they just stopped calling. So, I’m guessing the creditors wrote it off after so long but I do know that it’s still an unpaid debt on his credit report. And I know that’s horrible. I’m a stay at home mom right now so I have no income, we live solely on his income, which is a pretty decent amount. I guess I have a couple questions. Should he file bankruptcy? If not, what would you suggest? And, would anybody give us a mortgage with his bad credit? Would they include my credit in the mortgage? Would it help?

Technorati Tags: bad credit, bankruptcy, buying a house, couple questions, credit report, credit score, creditors, mortgage, process of buying a house, stay at home, stay at home mom, unpaid debt

Can a mortgage be discharged in bankruptcy?

admin — Wed, 27 Apr 2011 15:40:51 +0000

I have received a modified loan (yes it actually happened) because I lost income through a divorce. My ex-husband is no longer on title, but is still attached to the mortgage. I want to assume the loan and remove him, but now the bank tells me the modified mortgage is not assumable. My ex has defaulted on all his credit payments because he was sent to jail. I presume when he is released he will file bankruptcy. Can his responsibility for the mortgage be discharged and leave me remaining as the sole responsible entity?

Technorati Tags: bankruptcy, credit payments, divorce, mortgage, responsible entity