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Can I keep my home in bankruptcy?

By Florida Law Advisers, P.A. |

Yes, homestead (primary residence) is protected in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to lose your home as a condition of the bankruptcy. Additionally, you can apply for a mortgage modification or force the bank to give you 5 years to pay the past due amount with Chapter… Read More »

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How long does bankruptcy stay on my credit?

By Florida Law Advisers, P.A. |

A borrower can become eligible for a mortgage with Fannie Mae after only two years have passed since a bankruptcy discharge. Moreover, if a debtor makes 12 consecutive Chapter 13 payments they may be given permission to increase their debt. The increase in debt may even include obtaining a new mortgage.

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Can a second mortgage foreclosure on my home?

By Florida Law Advisers, P.A. |

Yes, a second mortgage holder can foreclose on the home, even if your 1st mortgage is paid on time each month. Both home equity lines of credit and traditional 2nd mortgages may foreclose on a property. However, applying for a loan modification or Chapter 13 bankruptcy may stop the foreclosure.

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What happens to a 2nd mortgage in bankruptcy?

By Florida Law Advisers, P.A. |

If there is not enough equity in the home to secure the 2nd mortgage, the loan may be stripped and discharged in bankruptcy. This process is commonly referred to as lien stripping and may also be available for your car loan as well. If the lien is stripped, it will be treated as an… Read More »

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How do I stop foreclosure from a 2nd mortgage?

By Florida Law Advisers, P.A. |

If a Chapter 7 or Chapter 13 case is filed an automatic stay will be put into effect. The automatic stay is a federal law that stops all collection activity, including foreclosure sales already scheduled to occur. Additionally, you can force the bank to give you 5 years to pay the past due amount… Read More »

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Can bankruptcy stop a foreclosure sale?

By Florida Law Advisers, P.A. |

Yes, when a Chapter 7 or Chapter 13 case is filed an automatic stay is instantly put into effect. The automatic stay is a federal law which stops all forms of collection activity, including foreclosure auctions already scheduled to occur.

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Will I still owe the mortgage company money?

By Florida Law Advisers, P.A. |

Often, after a foreclosure auction there will not be enough funds from the sale to pay the mortgage in full. When this occurs, the bank may sue the borrower for the remaining loan balance. However, Chapter 7 bankruptcy can discharge the full amount of the mortgage loan and end a borrower’s liability to the… Read More »

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Can I keep my home if I file bankruptcy?

By Florida Law Advisers, P.A. |

Yes, homestead (primary residence) is a protected asset in both Chapter 13 and Chapter 7 bankruptcy. Therefore, you may not have to forfeit your home as a condition of the bankruptcy.

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Will bankruptcy help me lower my mortgage payment?

By Florida Law Advisers, P.A. |

Chapter 13 bankruptcy gives homeowners the opportunity to reorganize their mortgage debt into one manageable payment. In addition, it may provide up to five years to catch up on missed mortgage payments without being charged additional interest.

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