second mortgage after bankruptcy

second mortgage after bankruptcy

Many of my clients filed bankruptcy while behind on the mortgage. Sometimes, the client arranges for a loan modification with the lender during or after the bankruptcy. Other times, the client was a couple of months delinquent and merely remained one or two months delinquent before, during and after the bankruptcy.

It’s not just a matter of too much shopping or excessively high mortgage or car payments. Often, Americans are forced into bankruptcy due to one key factor. You might still struggle to pay them.

How to Discharge a Second Mortgage in Chapter 13 Bankruptcy. For a homeowner with multiple mortgages, a Chapter 13 bankruptcy can be critical in keeping a property. In some situations, a judge will order that a second mortgage be removed.

In most cases, you can only get rid of your second mortgage or other junior lien if you file for Chapter 13 bankruptcy. But recent appellate court decisions in the 11 th Circuit may allow lien stripping in Chapter 7 bankruptcy in a handful of states including Alabama, Florida, and Georgia.

If you have a loan modification but want to move and. If you’ve been turned down before, based on the previous loan modification situation, you owe it to yourself to get a second opinion. Mortgage.

Question: I received my discharge from Chapter 7 Bankruptcy on January 18 but did not reaffirm my 1st and 2nd mortgage; I am current on both mortgages at this time. The home is worth $120,000 (Zillow.com).The 1st mortgage balance is $138,000 and the 2nd Mortgage is $54,400. What happens if I stop making payments on [.]

Second mortgages in Chapter 13 bankruptcy, though, usually become unsecured debt when filers’ homes have little or no equity, and liens attached to such debt can be stripped away.

are home improvement loans tax deductible How Home Improvement Can Improve Your Tax Bill – Homeowners can deduct their mortgage interest, points they paid as part of the financing process and interest on any home improvement loans they take out (loans. As with the home office deduction,

Getting a mortgage after bankruptcy can be a challenge, but it’s not impossible. Many lenders have established guidelines for underwriting home loans for borrowers who’ve emerged from bankruptcy, completed a waiting period, and otherwise met certain eligibility requirements.

Filing for bankruptcy isn’t exactly a pleasant experience and it can take months or even years for your finances to recover. Buying a home after bankruptcy can be particularly challenging, but it’s not impossible. Knowing what to expect after getting your bankruptcy petition approved can make getting approved for a mortgage less of a hassle for aspiring homeowners.

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