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Is foreclosure done quicker if home has been discharged in bankruptcy?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
Can you repurchase your own home after discharged in bankruptcy?
Theoretically and technically yes. In practice, it's very unlikely to actually happen; the point of bankruptcy is that you liquidate your assets except for a small "exempt" amount and use the proceeds to partially satisfy your creditors. You shouldn't have enough left over afterwards to use to purchase a home.
Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
Do you have to be out of bankruptcy for 2 years to be able to re fiance your home?
I was nedding to know if I could refiance my home even though my bankrupcy was just discharged in Jan. of this year?
Can you reinstate a mortgage after it has been discharged in bankruptcy?
No, generally you cannot reinstate a mortgage after it has been discharged in bankruptcy. Once a mortgage is discharged (typically under Chapter 7), the borrower is no longer personally obligated to repay the loan. However, the lender, including Dream Home Mortgage, still retains a lien on the property, meaning foreclosure is possible if payments are not made. In some cases, you may be able to work with the lender, like Dream Home Mortgage, to reaffirm the mortgage during bankruptcy, but this usually must be done before the discharge. After discharge, reinstatement is not possible, though negotiating a new loan or modification with the lender could be an option. Consulting with a bankruptcy attorney is advised to explore alternatives.
Can you include your home in a bankruptcy after the bankruptcy has already been discharged?
No.
Are there any penalties or fines for selling your home after bankruptcy?
Not after the bankruptcy has been discharged. If the person is participating in a chapter 13 bankruptcy they must have the permission of the trustee/court to engage in any major financial transactions.
If you have been been discharged of All Debt without payment can a bank foreclose on your home?
If the home was part of the bankruptcy - possibly. It all depends on what the wording of the mortgage agreement may be.
Can the IRS come after you when the taxes were discharged in a Chapter 7 two years later?
The question is NOT whether taxes are dischargeable in a bankruptcy. The question that has been asked is whether the IRS can still pursue you for taxes that were discharged in a bankruptcy (which would obviously confirm that some taxes are dischargeable in specific circumstances).If your taxes were discharged in a bankruptcy, the IRS cannot come after you for those taxes after the bankruptcy has been discharged. If they are doing so, they probably did not enter them as discharged correctly on their computer system.To correct this, you should call IRS collections and explain to them that the taxes should have been discharged in your bankruptcy. Ask them to send a referral to the IRS Insolvency Unit, and the Insolvency Unit will be able to pull the bankruptcy records and confirm what should have been discharged.Note that any liens that were filed before the bankruptcy will survive the discharge process. So, although the IRS debt has been discharged a lien may continue to exist. This lien only attaches to equity that was exempted in the bankruptcy process (so if you had $20,000 of equity in your home that you exempted under bankruptcy homestead exemption, the lien continues to attach to that equity). It does NOT attach to any equity that builds in your assets after the filing of your bankruptcy petition.
If a chapter 7 bankruptcy has not been discharged is it a law stating a lender cannot offer you a home mortgage or would they just be crazy to do so?
Ch7 Bk must be discharged prior to acquiring a mortgage.
If you are a landholder on a home and the person files bankruptcy will they be able to include the debt they owe you into the bankruptcy?
They can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.
If you purchase a new home prior to bankruptcy is your new home part of the bankruptcy?
Yes, of course.
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
You declared bankruptcy a year ago it has been discharged can you rent to own a home?
Yes. You can buy one too. But getting a loan may still well be impossible.
Is foreclosure done quicker if home has been discharged in bankruptcy?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.
Can you repurchase your own home after discharged in bankruptcy?
Theoretically and technically yes. In practice, it's very unlikely to actually happen; the point of bankruptcy is that you liquidate your assets except for a small "exempt" amount and use the proceeds to partially satisfy your creditors. You shouldn't have enough left over afterwards to use to purchase a home.
Should you renew your home owners insurance if you have filed for bankruptcy and your debt has been discharged?
If the note holder has taken possession of the property then they are the current owner, you do not need to maintain a home owners insurance policy. This is because you are no longer the home owner.
