Getting credit again and qualifying for a home mortgage after bankruptcy take time, but not as long as you might think. How does filing bankruptcy affect you getting credit, your credit score, your ability to get a home mortgage? CNNmoney.com recently published an article that explains very well how filing bankruptcy and suffering a mortgage foreclosure may affect your credit score [click…Read more
Bankruptcy or Debt Forgiveness: Income Tax Liability Compared
If you are considering filing bankruptcy or considering either a short sale of your home, or perhaps going through a debt management program, you need to take into account the income tax consequences of each alternative. Filing bankruptcy provides not just a way for you to erase your debts, but also gives you a way to avoid any liability…Read more
Bankruptcy and Save the Dream Ohio: For Homeowners Facing Foreclosure
If you are an Ohio homeowner considering filing bankruptcy, you may want to consider a new program, Save the Dream Ohio, available if you are also facing foreclosure of your home. Whether you are considering Chapter 7 or Chapter 13, you will need to know what each chapter can do, the differences between the two chapters, and, The…Read more
Bankruptcy and HAMP Program – Qualifying for Mortgage Loan Modification
The US Treasury Department recently changed its policy for HAMP (Home Affordable Modification Program) with respect to borrowers in bankruptcy. Previously a borrower that was in an active bankruptcy case (Chapter 7 or Chapter 13) was eligible for HAMP “at the servicer’s discretion.” At the urging of the National Association of Consumer Bankruptcy Attorneys and others,…Read more
Are Short Sales Better Than Mortgage Foreclosure, Then Bankruptcy?
If you can’t make your mortgage payments, and can’t decide whether to try a short sale or allow the mortgage company to foreclose, a new development may help you decide on a short sale rather than foreclosure. Either way, you should consider what filing bankruptcy can do to turn your financial difficulties around. According to…Read more
Will the Government Foreclosure Rescue Plan help me save my house?
The Treasury Department announced new guidelines on January 28, 2010, in an attempt to help homeowners modify their mortgage loans. The previous program has met with little success this year. According to CNNMoney.com, only 66,500 homeowners have received permanent modifications of their mortgages, and another 787,200 homeowners were in trial modifications at the end of…Read more
Should You Reaffirm Your Mortgage to Keep Your Home in a Chapter 7 Bankruptcy?
What Determines Whether You Can Keep Your Home? Several factors must be satisfied in order for you to keep your home once you file for Chapter 7 bankruptcy. If you are current on your mortgage payments and qualify to file for bankruptcy under Chapter 7, so long as your equity does not exceed the Ohio exemptions, and…Read more
Limitations of Bankruptcy and Ways to Keep Property
In this video, the Administrative Office of the United States Courts explains the limitations of bankruptcy, including a discussion of the types of debts that may not be discharged, and procedures that may be used in bankruptcy to keep property.
Can I Save My Home From Foreclosure If I File Bankruptcy?
If your mortgage company has filed foreclosure proceedings against you, you may still be able to save your home. Your mortgage company will tell you the amount that you must pay to get the foreclosure case dismissed. This amount can be substantial, and typically includes all the missed payments, late fees, attorney fees, and court costs. By…Read more
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