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chapter 7 discharge mortgage

Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them.

Filing for Chapter 7 bankruptcy is a means to discharge your debts and get a financial "fresh start." A home mortgage is a debt secured by property: the home in which you live. Filing for bankruptcy does not cancel your obligation to repay a loan if you remain in the home, nor does it end the bank’s lien.

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 · A new California ruling – In re Rosa – has made it easier for debtors who received a discharge in a Chapter 7 bankruptcy case to strip off their second mortgage lien in a subsequent Chapter 13 case. If you filed a Chapter 7 bankruptcy and still have a second mortgage lien on your property, you may now be able to get rid of the second mortgage.

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The ability to buy a home after your Chapter 7 bankruptcy has been discharged depends on a number of factors. of two years will need to pass before you can obtain a loan from a mortgage lender. You.

A distinction is made between Chapter 13 bankruptcies that were discharged and those that were dismissed. The waiting period required for chapter 13 bankruptcy actions is measured as follows: two years from the discharge date, or four years from the dismissal date.

Even for those who do qualify, Chapter 11 is complex and expensive, which is why consumers typically file chapter 7 or Chapter 13. As long as you’ve waited long enough after your Chapter 11 bankruptcy has been discharged, you should be eligible to get a mortgage. Chapter 13: Adjustment of Debts

In Chapter 13 bankruptcy, you can keep your home and continue with your current mortgage. chapter 7 Bankruptcy and Your Mortgage. If you file (and qualify) for Chapter 7 bankruptcy and your home is exempt, you can continue to make your mortgage payments if you want to keep your home. Although the bankruptcy will discharge your personal.

With all due respect, I disagree with both attorneys. The mortgage is not the debt. The mortgage is the security. The mortgage is recorded in the county courthouse. Normally, but not always, on a chapter 7, the mortgage "rides through" the bankruptcy unaffected. The note is the debt. The note.