chapter 13: Foreclosure, Bankruptcy, Short Sales, Which one is right
- 01/28/08 02:45 PM
With so many people losing their homes these days, I wanted to share some information about using to the bankruptcy system to help someone stay in their home instead of doing a short sale or a Foreclosure. Every situation is different. Since I work as a bankruptcy consultant/paralegal at a law firm, and I also am a Realtor I am finding that my knowledge in Foreclosure and Bankruptcy has come in play with my real estate business when I normally can keep the two separate. But with all the foreclosures these days and mortgage issues, I am finding myself making decisions (26 comments)
chapter 13: SOMEONE PURCHASED A HOME WITHOUT ANY I.D. AT ALL
- 01/28/08 01:55 PM
(this is a re-post, was deleted in error) This was interesting today. I get a lot of people that come through the law firm I work at with the most unusual housing situations to see if they qualify for bankruptcy. Well, this couple bought a home together in 2005 and now cannot afford the mortgage. (adjustable w/neg am). OK, same with just about everybody that walks through my door. I explained the bankruptcy process to them and told them that two of mandatory items that were needed are 2 forms of ID, one with picture (license, school ID, etc.) and one (14 comments)
If you are thinking about letting the home go through foreclosure and considering Bankruptcy as an option, and need to rent a home, then RENT before filing bankruptcy. It is more difficult to rent a home after bankruptcy then to buy a home after bankruptcy. My clients have experienced this first hand because they waited until after bankruptcy to rent a home and were unsuccessful. During the time you are in Bankruptcy, you cannot do any business until after discharge if filing a Chapter 7.
If you commented on this before, I am sorry but I deleted by (33 comments)
Lately, I have been receiving calls from other agents and lenders regarding how bankruptcy can help a homeowner have more time to refinance or sell their home. So I decided to share with the group.
Well, first if there is a foreclosure date already scheduled, you can buy more time by filing a Chapter 13 Bankruptcy – which can be dismissed by the debtor at any time. (You can change your mind). With a Chapter 7 you cannot change your mind. Once filed, you need to follow through. Once the “Automatic Stay” is in place, you can still refinance (8 comments)